Steve Alford, New Mexico come to buyout agreement
UCLA basketball Coach Steve Alford and the University of New Mexico have reached an agreement on a buyout, New Mexico officials announced.
New Mexico will receive a “net benefit of $625,000 buyout,” according to a statement released by university officials. There were still “some final details to resolve.” UCLA released a statement that Alford has offered to pay $300,000, and he had “previously agreed to forego certain bonuses” that were owed him.
Alford jumped to UCLA on March 30, 10 days after agreeing to a 10-year contract extension with New Mexico. Under terms of the old contract, Alford was responsible for a $200,000 buyout. New Mexico officials sought $1 million, the buyout under the new contract, which was to take effect April 1.
New Mexico officials contended that under terms of the old contract, Alford was required to give 30 days’ notice, which meant he was employed until April 29.
UCLA gave Alford a $200,000 signing bonus when he signed his seven-year, $18.2-million contract.
UCLA officials did not improve Alford’s signing bonus to help with the buyout.
“We did not sweeten the deal,” said UCLA spokesman Nick Ammazzalorso. “When Steve signed with us, we agreed we would compensate him for the amount of the buyout, including the tax consequence.”
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