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Dennis Gates’ Buyout
Posted on: February 9, 2024 at 06:46:46 CT
haeffb MU
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Gates’ contract includes language for termination by MU without cause, termination by MU with cause, and termination by the coach. It currently runs through March 15, 2029.
His salary consists of a $300k base and a $925k quarterly supplemental ($3.7M this year). The quarterly supplemental amount increases by $25k each year. The total supplemental increases ($25k x 4) = $100k per year. His total salary for the upcoming year is $4.1M, $4.2M in 2025-26, etc.
Termination by MU with cause results in no buyout.
The other two require payment of all remaining contracted salaries, either by MU or by Gates (i.e. some other university if he, for example, leaves MU to go to FSU)
$25.5M was the remaining contracted salary at the beginning of the extended contract on March 15, 2023.
This March, after he’s been paid $4M for this year, it reduces to $21.5M, then $17.4M, then $13.2M, then $8.9M, then $4.5M, and then 0 after the 2028-29 season.
The buyout is $21.5M after March 15th, 2024.
However, if MU terminates without cause, the buyout is mitigated by any salary he’s paid in a new position. If he is fired and then goes to work at Walmart, the buyout is reduced by whatever he makes at Walmart. If he makes more at Walmart than he would have at MU, then the buyout is reduced to $0.
https://mutigers.com/sports/2015/3/19/employment.aspx
His salary consists of a $300k base and a $925k quarterly supplemental ($3.7M this year). The quarterly supplemental amount increases by $25k each year. The total supplemental increases ($25k x 4) = $100k per year. His total salary for the upcoming year is $4.1M, $4.2M in 2025-26, etc.
Termination by MU with cause results in no buyout.
The other two require payment of all remaining contracted salaries, either by MU or by Gates (i.e. some other university if he, for example, leaves MU to go to FSU)
$25.5M was the remaining contracted salary at the beginning of the extended contract on March 15, 2023.
This March, after he’s been paid $4M for this year, it reduces to $21.5M, then $17.4M, then $13.2M, then $8.9M, then $4.5M, and then 0 after the 2028-29 season.
The buyout is $21.5M after March 15th, 2024.
However, if MU terminates without cause, the buyout is mitigated by any salary he’s paid in a new position. If he is fired and then goes to work at Walmart, the buyout is reduced by whatever he makes at Walmart. If he makes more at Walmart than he would have at MU, then the buyout is reduced to $0.
https://mutigers.com/sports/2015/3/19/employment.aspx
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Dennis Gates’ Buyout - haeffb MU - 2/9 06:46:46
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