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Muda69

Notre Dame paid Charlie Weis nearly $19 million to go away

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Muda69    2,976

http://www.indystar.com/story/sports/college/notre-dame/2017/05/15/notre-dames-charlie-weis-buyout-gift-keeps-giving/322298001/

Quote

The final tab is in: Former Notre Dame football coach Charlie Weis ended up receiving $18,967,960 from the university as a buyout for being fired in 2009.

The amount of the final installment — $2,054,742 for the 2015 calendar year — was disclosed on Notre Dame’s new federal tax return, which was released Monday.

The filing did not mention this would be the end of Weis' payments the way the others did. Previous filings noted Weis was being paid through December 2015 as part of the termination agreement.

Weis received a little over $6.6 million in buyout pay from the school in 2009 and got about $2.05 million each subsequent year. In addition, he was reported by the school to have received $469,727 in 2010 from Play By Play Sports LLC, an outside multimedia and marketing rights entity that is part of Notre Dame Sports Properties.

Private colleges and universities are organized as non-profit organizations, which means they must annually file a tax return that includes information about the pay of their most highly compensated employees. Although the returns mostly cover fiscal years that involve parts of two calendar years, the IRS requires that the compensation reporting cover the most recently completed calendar year.

...

Wow, that is a serious chunk of change.

 

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DanteEstonia    859
1 hour ago, Coach_G said:

Good for Charlie. 

And bad for Notre Dame. I wonder how much of that money came from student loans...

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Irishman    1,630
2 hours ago, DanteEstonia said:

And bad for Notre Dame. I wonder how much of that money came from student loans...

None....it is an NCAA violation to use money from tuition and school related fees charged to students to 1. pay for coaches and 2. pay for scholarships. The money for those has to be raised through groups like a booster club.

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I also saw something on footballscoop about the buyouts at USC.

"USC: According to Steve Berkowitz of USA Today, USC paid Lane Kiffin $2.5 million in buyout money in 2015, and likely paid him well over $6 million since parting ways. Berkowitz also adds, that Steve Sarkisian was paid nearly $3.3 million before being fired in October of 2015, and former AD Pat Haden made almost $2.8 million for the year."

Not nearly as much, but thought it was interesting.

 

Edited by Coach Ellenwood

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Lebowski    1,602
On 5/16/2017 at 10:48 AM, DanteEstonia said:

And bad for Notre Dame. I wonder how much of that money came from student loans...

It came from winning National Championships, among other things. 

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