February 19, 2009

Leach, Texas Tech agree on new contract extension

The Dallas Morning News reports that Texas Tech has reached an agreement with head coach Mike Leach on a contract extension that will keep El Capitan on the Red Raider sidelines through 2013.

Leach met with Tech chancellor Kent Hance for almost three hours Thursday afternoon and the two sides have agreed to Tech's $12.7 million offer that will extend Leach's current two-year deal three more seasons. The contract hasn't been signed, but that could take place as early as Friday, the source said.

...

Leach and Hance hashed out the sticking points earlier Thursday involving four clauses that Tech inserted into its latest offer Jan. 9 that wrecked previous progress. The four clauses involved the guaranteed termination compensation Leach would receive if fired, the buyout amount he would pay if he left early, a penalty for interviewing for another job without permission and who controlled Leach's personal property rights. Details weren't immediately available as to how those four issues were resolved.

Word of the new extension comes just one day before the Texas Tech Regents were to hold a conference call with AD Gerald Myers to discuss Leach's fate.

First and foremost, it's about time. This entire ruse had fail written all over it and I'm glad Tech came to its senses.

Beyond that, it's EXTREMELY interesting that only Leach and Tech chancellor Hance attended the meeting. Leach's agents and Athletic Director Gerald Myers were notably absent. Despite the ill-will between Leach and Myers, I would have thought Hance would have kept Myers in the room.

Myers and Leach haven't always been on poor terms, but when Myers gave Leach's parking spot away when Bobby Knight was hired - that didn't sit well with Leach. The Red Raiders coach never said a word reportedly, but began parking in the commuter lot rather than the new space offered him.

The Wizard of Odds details more bad blood during Leach's tenure.

Does sidelining the AD in this most important negotiation signal the end of the Myers years? I know a lot of Texas Tech fans that would welcome Myers' departure.

More to follow over the next few days, I'm certain.

UPDATE

News is coming out this weekend about the details of Leach's agreement with Tech. The salary remains as per the previous understanding - $12.7 million - ranking him roughly third in the Big XII (tied with Mangino and Pinkel).

Both sides compromised on the four sticking points, as detailed by the Lubbock Avalanche - Journal.

- Instead of guaranteeing $1.5 million if Leach was fired, Tech upped the payout to $2 million.

- Tech dropped the buyout if Leach leaves from $500,000 to zero.

- Leach may interview anywhere he wishes without penalty, but he must notify Tech in advance of any meetings with other schools.

- Tech will gain the right to market Leach for uniform, apparel, television, and radio contracts, but Leach will be able to pursue books, writings, and other items presented to him by his agents.

Good to see Tech come to their senses, especially in light of Leach backing down on his $15 million salary request.

Comments:

Leach, Texas Tech agree on new contract extension
The Dallas Morning News reports that Texas Tech has reached an agreement with head coach Mike Leach on a contract extension that will keep El Capitan on the Red Raider sidelines through 2013.

Leach met with Tech chancellor Kent Hance for almost three hours Thursday afternoon and the two sides have agreed to Tech's $12.7 million offer that will extend Leach's current two-year deal three more seasons. The contract hasn't been signed, but that could take place as early as Friday, the source said. ... Leach and Hance hashed out the sticking points earlier Thursday involving four clauses that Tech inserted into its latest offer Jan. 9 that wrecked previous progress. The four clauses involved the guaranteed termination compensation Leach would receive if fired, the buyout amount he would pay if he left early, a penalty for interviewing for another job without permission and who controlled Leach's personal property rights. Details weren't immediately available as to how those four issues were resolved.

Word of the new extension comes just one day before the Texas Tech Regents were to hold a conference call with AD Gerald Myers to discuss Leach's fate. First and foremost, it's about time. This entire ruse had fail written all over it and I'm glad Tech came to its senses. Beyond that, it's EXTREMELY interesting that only Leach and Tech chancellor Hance attended the meeting. Leach's agents and Athletic Director Gerald Myers were notably absent. Despite the ill-will between Leach and Myers, I would have thought Hance would have kept Myers in the room. Myers and Leach haven't always been on poor terms, but when Myers gave Leach's parking spot away when Bobby Knight was hired - that didn't sit well with Leach. The Red Raiders coach never said a word reportedly, but began parking in the commuter lot rather than the new space offered him. The Wizard of Odds details more bad blood during Leach's tenure. Does sidelining the AD in this most important negotiation signal the end of the Myers years? I know a lot of Texas Tech fans that would welcome Myers' departure. More to follow over the next few days, I'm certain.

UPDATE

News is coming out this weekend about the details of Leach's agreement with Tech. The salary remains as per the previous understanding - $12.7 million - ranking him roughly third in the Big XII (tied with Mangino and Pinkel). Both sides compromised on the four sticking points, as detailed by the Lubbock Avalanche - Journal. - Instead of guaranteeing $1.5 million if Leach was fired, Tech upped the payout to $2 million. - Tech dropped the buyout if Leach leaves from $500,000 to zero. - Leach may interview anywhere he wishes without penalty, but he must notify Tech in advance of any meetings with other schools. - Tech will gain the right to market Leach for uniform, apparel, television, and radio contracts, but Leach will be able to pursue books, writings, and other items presented to him by his agents. Good to see Tech come to their senses, especially in light of Leach backing down on his $15 million salary request.