Ringo tweet
For those asking, the buyout numbers in my story today for Embree and Bieniemy are correct. I verified them with CU. Total of $2.25 million
Embree $500,000 a year for 3 years or $1.5 million. Bieniemy $250,000 for three years or $750,000.
Ringo tweet
For those asking, the buyout numbers in my story today for Embree and Bieniemy are correct. I verified them with CU. Total of $2.25 million
Embree $500,000 a year for 3 years or $1.5 million. Bieniemy $250,000 for three years or $750,000.
According to sources, Ringo's number is incorrect. The correct numbers have now been sent to him and hopefully he updates the online article.
The termination fee is what had been previously reported.
Ringo tweet
For those asking, the buyout numbers in my story today for Embree and Bieniemy are correct. I verified them with CU. Total of $2.25 million
Embree $500,000 a year for 3 years or $1.5 million. Bieniemy $250,000 for three years or $750,000.
I must be taking crazy pills, because I've never seen buyout language like that
Slade can you break that math down for me. The way i see it is today:Ahh.. that makes some sense then. Figures that the girl writing the initial article didn't know what she was talking about. At least they don't owe either of them the full amounts due on their contracts.
If they wait until 2013 to fire them - it's $500,000 for Embree ($250,000 x 2 years remaining on contract) and $500,000 for Bieniemy ($250,000 x 2 years remaining on contract)
i.e. it's $2.25 million to fire them today. it's $1 million to fire them next year. Save $1.25 million by waiting until 2013 to fire them.
If that is the actual buyout then Mike Bohn should be fired
Slade can you break that math down for me. The way i see it is today:
3x 500K Embo
3x 250K EB
Next year would be:
2 x 500K Embo
2 x 250K Eb
so the net savings is 750K or one year of buyout for retaining them for 1 more year.
Slade can you break that math down for me. The way i see it is today:
3x 500K Embo
3x 250K EB
Next year would be:
2 x 500K Embo
2 x 250K Eb
so the net savings is 750K or one year of buyout for retaining them for 1 more year.
If you go to Buffzone without the RSS feed, it takes you to different comments. I see 37 comments as of a minute ago. Through the RSS I see 3.
Try this link: http://www.buffzone.com/cu-news/ci_22029907/ringo-cu-buffs-officials-face-difficult-decision-jon
Why does Bieniemy even have a buy-out, how ridiculous!! So this year it's a $2.25mil buyout? Ugh
Each additional year reduces the buyout cost.
So if Embree is fired at the end of 2012 season, CU owes him $500,000 per year remaining on the contract. ($1.5 million)
If Embree is fired at the end of the 2013 season, CU owes him $250,000 per year remaining on the contract. ($500,000)
CU can terminate Embree with $0 exposure in either 2014 or 2015. (Of course, the contract expires in 2015 anyway)
For Bieniemy the numbers are a little different.
If Bieniemy is fired at the end of the 2012 season, CU owes him $250,000 per year remaining on the contract. ($750,000)
If Bieniemy is fired at the end of the 2013 season, CU owes him $250,000 per year remaining on the contract. ($500,000)
If Bieniemy is fired at the end of the 2014 season, CU owes him $125,000 per year remaining on the contract. ($125,000)
If Bieniemy is fired at the end of the 2015 season, CU owes him nothing. (Of course, his contract expires that year, anyway)
Why does Bieniemy even have a buy-out, how ridiculous!! So this year it's a $2.25mil buyout? Ugh
$2.25 million to buy out both Embree and Bieniemy. Certainly explains why most expect them to be back next year.
we shouldnt be looking at the total we should be looking at the difference, since all we are doing is delaying the inevitable. We will lose well more than 1.25 million in ticket revenue next year so it should be a no-brainer from a revenue stand point.
From a legal perspective, that makes no sense if you know anything about liquidated damages. Hard to imagine this is how the lawyers would draft the contracts. Something is not right here.The cost to buyout both Embree and Bieniemy today is $2.25 million.
The cost to buyout both Embree and Bieniemy in 2013 is $1 million.
The cost to buyout both Embree and Bieniemy in 2014 is $125,000.
So - yes - the difference between termination today and termination in 2013 is $1.25 million. I would think that the loss of season ticket sales, loss of donations, loss of name brand, etc. would more than cover $1.25 million.
Truth. Not to mention mitigation. EB would definitely get a job with someone at at least half (more likely more) of his current salary. JE would probably do the same. You can cut that down significantly right there before even going into the legality of untouchable buyouts.From a legal perspective, that makes no sense if you know anything about liquidated damages. Hard to imagine this is how the lawyers would draft the contracts. Something is not right here.
What is the total turnover of the CU Athletic Department?
40-45 million under the big-12, probably in the range of 60 million going forward.