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+------ Thread: Pastner has the biggest buyout in the HISTORY of college basketball (/thread-769421.html)
Pastner has the biggest buyout in the HISTORY of college basketball - Marc Mensa - 02-05-2016 09:22 AM
Shame on Tom Bowen!
Meantime, fans are publicly debating whether the school could even actually afford to pay Pastner's $10.6 million buyout.
Yes, his buyout is $10.6 million.
If paid, it would be the highest-paid buyout in college basketball history.
Memphis collapses, Josh Pastner on hot seat after 77-57 loss to UConn
RE: Pastner has the biggest buyout in the HISTORY of college basketball - Marc Mensa - 02-05-2016 09:35 AM
Perhaps Bowen could start selling Josh Pastner commemorative "buy out bricks" to disgruntled Tiger fans and use them to construct a symbolic walkway to nowhere... which is where Josh has this program going. Yep, a 10.6 million dollar yellow brick road to nowhere. Scratch that.... gold bricks might actually be cheaper.
RE: Pastner has the biggest buyout in the HISTORY of college basketball - eltigre - 02-05-2016 09:41 AM
If their is a legal loophole for such an action and it cost less money then reassign him to a office to ride out his contract.
RE: Pastner has the biggest buyout in the HISTORY of college basketball - tiger2000 - 02-05-2016 09:43 AM
(02-05-2016 09:41 AM)eltigre Wrote: If their is a legal loophole for such an action and it cost less money then reassign him to a office to ride out his contract.
there isn't.
RE: Pastner has the biggest buyout in the HISTORY of college basketball - Marc Mensa - 02-05-2016 09:47 AM
(02-05-2016 09:41 AM)eltigre Wrote: If their is a legal loophole for such an action and it cost less money then reassign him to a office to ride out his contract.
There is no loophole and his contract automatically renewed in years 2014 and 2015, so he is due 4 years salary. He doesn't start working down the years of the deal until next year.
RE: Pastner has the biggest buyout in the HISTORY of college basketball - MemphisCanes - 02-05-2016 09:48 AM
His "buyout" (we shouldn't use this term, because this is not a buyout, which is the problem) will not be that much.
Pastner is employable as a HC (or at least a high level assistant) at another program. If fired (and Memphis breaks his contract) he's required to "mitigate his damages" and go out and get another job. He can assumedly make anywhere from $600,000 to $1,000,000 as a coach, so we'll get that much credited yearly to the amount that we owe him.
It's still a large amount of money, but we have ways at chipping away at the total.
RE: Pastner has the biggest buyout in the HISTORY of college basketball - tiger2000 - 02-05-2016 09:48 AM
(02-05-2016 09:47 AM)Marc Mensa Wrote:(02-05-2016 09:41 AM)eltigre Wrote: If their is a legal loophole for such an action and it cost less money then reassign him to a office to ride out his contract.
There is no loophole and his contract automatically renewed in years 2014 and 2015, so he is due 4 years salary. He doesn't start working down the years of the deal until next year.
As the fonze would say, "correctamundo!"
RE: Pastner has the biggest buyout in the HISTORY of college basketball - tigergg - 02-05-2016 09:49 AM
Someone call Mr. Robinson in Munford, the big powerball winner and see if he and his family want season tickets for life to FB and BB, maybe he is a Tiger fan..
RE: Pastner has the biggest buyout in the HISTORY of college basketball - tigersroll - 02-05-2016 09:49 AM
So the whole contract was guaranteed? none of it was incentive based?
RE: Pastner has the biggest buyout in the HISTORY of college basketball - tiger2000 - 02-05-2016 09:50 AM
(02-05-2016 09:48 AM)MemphisCanes Wrote: His "buyout" (we shouldn't use this term, because this is not a buyout, which is the problem) will not be that much.
Pastner is employable as a HC (or at least a high level assistant) at another program. If fired (and Memphis breaks his contract) he's required to "mitigate his damages" and go out and get another job. He can assumedly make anywhere from $600,000 to $1,000,000 as a coach, so we'll get that much credited yearly to the amount that we owe him.
It's still a large amount of money, but we have ways at chipping away at the total.
THANK YOU.
He does not have a buyout clause - the media and everyone else should stop using this term.
We owe him the remainder of his CONTRACT if he is fired, not a buyout.
RE: Pastner has the biggest buyout in the HISTORY of college basketball - MemphisCanes - 02-05-2016 09:52 AM
Yeah, if we'd actually negotiated a buyout with him we wouldn't be in this predicament. I was practically floored when I reviewed the contract and there was no buyout clause. There's never a reason not to negotiate a buyout clause (one that goes both ways). That is ridiculous to me.
RE: Pastner has the biggest buyout in the HISTORY of college basketball - tiger2000 - 02-05-2016 09:53 AM
(02-05-2016 09:49 AM)tigersroll Wrote: So the whole contract was guaranteed? none of it was incentive based?
The incentive part of the contract is even more than the guaranteed salary that is reported/guaranteed. The contract is worded as "base salary" and then a bunch of fluff language about media appearances, etc. - basically he gets his salary until 2020, paid monthly if he is fired MINUS what he is making at a new school, should/when/if he be hired again.
RE: Pastner has the biggest buyout in the HISTORY of college basketball - tigersroll - 02-05-2016 09:54 AM
(02-05-2016 09:53 AM)tiger2000 Wrote:(02-05-2016 09:49 AM)tigersroll Wrote: So the whole contract was guaranteed? none of it was incentive based?
The incentive part of the contract is even more than the guaranteed salary that is reported/guaranteed. The contract is worded as "base salary" and then a bunch of fluff language about media appearances, etc. - basically he gets his salary until 2020, paid monthly if he is fired MINUS what he is making at a new school, should/when/if he be hired again.
UNREAL!
RE: Pastner has the biggest buyout in the HISTORY of college basketball - UofMstateU - 02-05-2016 09:54 AM
He likely does have a buyout clause. But buyout clauses arent how much a school has to pay for firing a coach. A buyout clause is how much Pastner has to pay if he leaves prior to his contract being up.
RE: Pastner has the biggest buyout in the HISTORY of college basketball - tiger2000 - 02-05-2016 09:55 AM
(02-05-2016 09:52 AM)MemphisCanes Wrote: Yeah, if we'd actually negotiated a buyout with him we wouldn't be in this predicament. I was practically floored when I reviewed the contract and there was no buyout clause. There's never a reason not to negotiate a buyout clause (one that goes both ways). That is ridiculous to me.
This post needs to be read over and over by our fans and the media. The lack of a buyout is WHY we are here - which is why it's so crazy that everyone keeps saying "buyout."
There ain't no buyout jack.
RE: Pastner has the biggest buyout in the HISTORY of college basketball - MemphisCanes - 02-05-2016 09:56 AM
(02-05-2016 09:54 AM)UofMstateU Wrote: He likely does have a buyout clause. But buyout clauses arent how much a school has to pay for firing a coach. A buyout clause is how much Pastner has to pay if he leaves prior to his contract being up.
He doesn't have one, and buyout clauses can go both ways. A coach can be required to pay the school should he leave for another job, and the school can "buyout" a coach's contract if they decide to fire him.
Here, essentially Pastner is free to up and leave for another school, because Memphis didn't include any buyout or other liquidated damages clause in his contract, while Memphis is obligated to pay him his entire contract over four years if Memphis wants to get rid of him.
RE: Pastner has the biggest buyout in the HISTORY of college basketball - Marc Mensa - 02-05-2016 09:57 AM
(02-05-2016 09:48 AM)MemphisCanes Wrote: His "buyout" (we shouldn't use this term, because this is not a buyout, which is the problem) will not be that much.
Pastner is employable as a HC (or at least a high level assistant) at another program. If fired (and Memphis breaks his contract) he's required to "mitigate his damages" and go out and get another job. He can assumedly make anywhere from $600,000 to $1,000,000 as a coach, so we'll get that much credited yearly to the amount that we owe him.
It's still a large amount of money, but we have ways at chipping away at the total.
Calkins obtained a copy of the contract through the sunshine law. He stated the 10.6 mil would be due Josh regardless if he took another job. I haven't seen it, but Calkins is an attorney, so I trust his interpretation.
RE: Pastner has the biggest buyout in the HISTORY of college basketball - tiger2000 - 02-05-2016 09:58 AM
(02-05-2016 09:54 AM)UofMstateU Wrote: He likely does have a buyout clause. But buyout clauses arent how much a school has to pay for firing a coach. A buyout clause is how much Pastner has to pay if he leaves prior to his contract being up.
Technically speaking I guess that is a buyout and that amount is $500,000 but it's more like a penalty. But normally, there is a "buyout" that keeps other schools from poaching your coach and lets you fire a coach for less than the total sum of the contract.
Bruce Pearl's, for example, is $5MM.
Pastner does not have a traditional buyout clause. His is more of a "penalty" if he wanted to go somewhere else. It is a very lopsided contract in his favor.
RE: Pastner has the biggest buyout in the HISTORY of college basketball - tiger2000 - 02-05-2016 09:59 AM
(02-05-2016 09:57 AM)Marc Mensa Wrote:(02-05-2016 09:48 AM)MemphisCanes Wrote: His "buyout" (we shouldn't use this term, because this is not a buyout, which is the problem) will not be that much.
Pastner is employable as a HC (or at least a high level assistant) at another program. If fired (and Memphis breaks his contract) he's required to "mitigate his damages" and go out and get another job. He can assumedly make anywhere from $600,000 to $1,000,000 as a coach, so we'll get that much credited yearly to the amount that we owe him.
It's still a large amount of money, but we have ways at chipping away at the total.
Calkins obtained a copy of the contract through the sunshine law. He stated the 10.6 mil would be due Josh regardless if he took another job. I haven't seen it, but Calkins is an attorney, so I trust his interpretation.
I don't think that is correct - I believe that there is language in there where we owe him the 10.6 MINUS what he makes when/if he gets another gig.
RE: Pastner has the biggest buyout in the HISTORY of college basketball - aardWolf - 02-05-2016 10:00 AM
The only "loophole" is that you make his experience here so horrible that he quits. If he voluntarily quits, he doesn't get the money.
There are obviously issues with that:
1. I could endure (and I bet so could JP) quite a lot of crap at work for a guaranteed $2mill/year
2. Doing something like berating him on the big screen on the forum would keep any respectable candidate from wanting to work here