College Coach Gets Staggering Amount of Money After Being Fired

Must read

Why Europe’s Debt-Focused Fintechs Could Be Heading For A Crash

WinYield founder Fabricio MercierWinYield Are hundreds of European fintech start-ups heading for a dramatic blow-up? New research suggests they could be, with the authors...

Post Office Lessons: The Power Of Collaboration In Business

London Post Office. Education Images/Universal Images Group via Getty Images Online shopping has exploded in the UK, particularly during the last decade. The parcel...

Decoding Andre Iguodala’s No. 1 Secret To Surpassing Blackstone In VC

Andre Iguodala, of the Golden State Warriors and Sarah Lane, EP Video, TechCrunch . (Photo by Steve ... Jennings/Getty Images for TechCrunch)getty...

Nine Mistakes Entrepreneurs Make When Fundraising (And How To Avoid Them)

getty Fundraising is often a necessary step for entrepreneurs who are looking to launch their startup but aren’t able to put forth the...

Texas A&M sacked head football coach Jimbo Fisher last Sunday, but not before buying out his contract for a stunning $76 million. The decision is part of a shocking turn of events that’s shaken the sports world.

“Although this is a major, major financial decision that comes with many consequences, we have a plan, and we will not let this impact the performance or the culture of our entire athletics program,” said Texas A&M athletics director Ross Bjork.

Related: Colorado’s Football Team Was Robbed at the Rose Bowl, and Coach Deion Sanders Wants Reimbursement

High hopes come crashing down

Fisher took over at Texas A&M in 2018, signing a 10-year contract through the 2031 season. He started his tenure successfully, leading the team to three bowl games, including an Orange Bowl win in 2020. But since then, the team’s fortunes have fumbled, leaving management no choice but to let Coach Fisher go.

Big buyout

Luckily for Fisher, his contract included a substantial buyout clause, and now the university owes him a stunning sum. According to The Associated Press, Fisher is owed between $75 and $77 million, making it the largest known buyout ever given to a fired head coach. This hefty amount will be paid to Fisher regardless of whether he finds a new coaching job.

Bjork said $19 million (25% of his salary) is due within 60 days. The remaining balance will be paid in several installments, with the first installment of approximately $7 million due within 120 days.

To fund these payments, the university plans to use unrestricted contributions within the 12th Man Foundation (a Texas A&M scholarship program) for the first one-time payment. The remaining portion will be financed from growing revenues and adjusting the annual operating budget of the athletic department.

Forward progress

Bjork says the school has learned from Fisher’s contract and that their decision will not impact the overall performance or culture of the athletics program.

“We were stuck… something was not working to reach our full potential,” Bjork said. “We should be relevant on the national scene.”

Texas A&M beat Mississippi State 51-10 on Saturday, but Fisher’s dismissal was based on the overall record of the football program over the past several years. Fisher was 45-25 in six seasons at Texas A&M.

As the Texas A&M football moves forward, the university hopes the decision to fire Fisher will turn the program around. But the financial repercussions of his contract will be felt for years to come.

More articles

Latest article

Why Europe’s Debt-Focused Fintechs Could Be Heading For A Crash

WinYield founder Fabricio MercierWinYield Are hundreds of European fintech start-ups heading for a dramatic blow-up? New research suggests they could be, with the authors...

Post Office Lessons: The Power Of Collaboration In Business

London Post Office. Education Images/Universal Images Group via Getty Images Online shopping has exploded in the UK, particularly during the last decade. The parcel...

Decoding Andre Iguodala’s No. 1 Secret To Surpassing Blackstone In VC

Andre Iguodala, of the Golden State Warriors and Sarah Lane, EP Video, TechCrunch . (Photo by Steve ... Jennings/Getty Images for TechCrunch)getty...

Nine Mistakes Entrepreneurs Make When Fundraising (And How To Avoid Them)

getty Fundraising is often a necessary step for entrepreneurs who are looking to launch their startup but aren’t able to put forth the...

Win Clients With ChatGPT: 5 Prompts To Craft Outstanding Proposals

Win clients with ChatGPT: 5 prompts to craft outstanding proposals getty Growing your business to the scale you dream of requires you onboarding...