One little mistake

It appears that Bert’s buyout is going to be ginormous because somebody didn’t pay attention to the contract draft.

Bielema’s original contract in 2012 with UA listed a chart with buyout amounts and included language that the figures in the chart should be plugged into a formula. The contract extension in 2015 laid out a new chart with higher figures but maintained that “all other text, terms and conditions … shall remain the same and shall not be modified in any way by this First Amendment.”

The formula says to take the amount listed as the guaranty payment identified in the chart and to divide that by the number of months in the term of employment. The formula then says to take that amount and multiply it by the number of months remaining on the contract.

Under that formula, the Democrat-Gazette took the $15.4 million and divided it by 97 — the span of Bielema’s employment from Dec. 4, 2012, through the end of his most recent contract, Dec. 31, 2020. The newspaper then took that figure and multiplied by 37 — a rough figure that included the month of December 2017 and the remaining three years of Bielema’s contract. It totaled $5.87 million.

Bielema’s deal with the foundation includes the same chart as his contract extension but does not refer to the formula included in the original contract.  [Emphasis added.]

That’s almost a $10 million oversight.

I keep telling you these people aren’t that sharp.  But they care about football!

Advertisements

19 Comments

Filed under Arkansas Is Kind Of A Big Deal, It's Just Bidness

19 responses to “One little mistake

  1. Hogbody Spradlin

    Why was Bielema under contract to the university and the foundation at the same time?

    Like

    • Silver Creek Dawg

      I’m guessing he has/d a “personal services” contract with the foundation to up his total compensation package. I expect Arky limits what a state employee can be paid.

      Like

  2. SemperFiDawg

    Ouch!

    Like

  3. Spike

    Jeepers.. I paid more attention in Contracts class than these knuckleheads..

    Like

  4. Mayor

    Arkys. They gave us Bill and Hillary. What more can I say?

    Liked by 2 people

  5. BigD

    Some embarrassed senior partner is throwing an associate under the bus as I type…

    Like

    • Hogbody Spradlin

      Or maybe taking a gun to his own head. Lots of malpractice policies allow subrogation against the law firm these days.

      Like

  6. Cojones

    So, how much do they owe him?

    Like

  7. Jim

    I don’t know who Bert’s agent is but guessing it is Sexton. In any event his agent is probably laughing his arse off right now.

    Like

  8. Jared S.

    Can you buy insurance against your lawyers not reading what they approve? Kind of like title insurance when you buy a new home?

    Like

  9. 92 grad

    Hey, I completely agree that coaches’ agents are criminally good at what they do and that it’s rarely met with sharp athletic directors. Thing is though, there’s so much money floating around it really doesn’t matter. Even $10mil is just a simple matter of cutting a check. We have yet to see something that actually hurts an sec athletic association.

    Like

    • The other Doug

      “coaches’ agents are criminally good”

      There is nothing criminal about what the agents do. They openly represent their client’s interest in the negotiation of a contract. They negotiate against an institution that has a large staff and deep pockets for the best lawyers, but somehow they get the best of the Athletic Departments. That is incompetence on a level that should be a crime.

      Like

      • Macallanlover

        Could universities be using help from their own law schools and business schools? That could account for the falloff in sharpness, I will take private over public any time.

        Like

  10. Matt

    All of this to hire Chad Morris… what a whiff.

    Like