How does Ringo compute $2.25 mm to terminate this staff??????

[rialto]

Possible explanation for Ringo's $2.25 mm to terminate this staff

the contracts clearly state that JE and EB would be owed $750,000 in total if terminated at the end of the year. What about the extra $1.5 mm?? No other coaches are on long-term contracts.

The only possibility that occurs to me is that each asst coach, and maybe other staffers, are possibly paid thru June 30, which is the fiscal year end at CU. Assuming the pool for asst coaching salaries is $2 mm+, that might add at least $1 mm+ to the cost of the buyout.

 

[rialto]

How does one change the title of a post?

 

[tante]

How does one change the title of a post?

Send 2 hookers and an 8 ball of coke to a mod.

 

[rialto]

thank you

 

[Dark Bohner]

Good question, but at least the discussion is on the table. His article makes some valid arguments, but like you have pointed out, the costs are screwey. Not only the buyout, but he doesn't even mention the loss of revenue portion of keeping this staff. I'd be willing to bet the loss of revenues will exceed the buyout.

http://www.dailycamera.com/cu-colle...u-buffs-officials-face-difficult-decision-jon

 

[Lt.Col.FrankSlade]

All of the 2012/2013 fiscal year salaries are already accounted for in the budget. Everyone who is on a year-to-year contract (i.e. everyone not named Embree or Bieniemy) is already accounted for.

The only monies that would not be accounted for in an early termination would be for FUTURE years on Embree's and Bieniemy's contracts.

In other words, it doesn't cost anything MORE to terminate all the assistant coaches. They are already accounted for in the 2012/2013 budget. Their contracts can simply expire at the end of this fiscal year.

Embree's total compensation is roughly $750,000 per year. He is under contract through 2015. i.e. he is still owed approximately $2.25 million on his contract.

Bieniemy's total compensation is roughly $500,000 per year. He is also under contract through 2015. i.e. he is still owed approximately $1.5 million on his contract.


It has been reported by the Boulder Daily Camera that both Embree's and Bieniemy's contracts include early termination clauses. These were described by the BDC as "buyouts". It was reported that the "buyout" for Embree's contract was $500,000 after the 2012 season, and the "buyout" for Bieniemy's contract was $250,000 after the 2012 season.

So--- if the University owes Embree/Bieniemy the entirety of their remaining contracts, then CU owes approximately $3.75 million. If the University only owes Embree/Bieniemy what has been described as their "buyouts" then CU only owes $750,000.

 

[boydbuff]

Lt.Col. Nice summary. Was going to rep you for the clarity but I repped you recently and system won't let me!

If it is really only $750k to buy both of them out, I say let's start a fundraising campaign to do it. The only caveat is they have to agree to hire an HC with coordinator or HC experience at BCS level.

P.S. Glad to see Daily Camera finally making a balanced case about Embree's dismissal.

 

[sackman]

No fundraising is necessary. We just got a big, fat check from the PAC 12 last July.

 

[Lt.Col.FrankSlade]

No fundraising is necessary. We just got a big, fat check from the PAC 12 last July.

Except that all that money has already been accounted for in the 2012/2013 fiscal year budget.

I am hopeful that Bohn kept aside enough money from the Buffs' new PAC-12 revenue to payoff the coaches, just in case the worst case scenario arose.