UK intends to pay less than the $7 million originally discussed when Billy Gillispie became head coach two years ago, according to top university officials on Friday.
UK President Lee Todd explained that the “memorandum of understanding” signed by Gillispie in April 2007 was essentially a “year-to-year contract.” During a press conference on Friday regarding a coaching change for the men’s basketball team, Todd clarified that the memorandum specified that if Gillispie were terminated without cause, he would receive $3.5 million for the remaining duration of the contract, up to four years.
The memorandum also mentioned that it would be incorporated into a formal employment contract as soon as possible, which would include mutually agreed-upon terms for “termination with cause.”
Todd added that the employment contract was never finalized, and UK operated under what it viewed as a one-year contract. “At that point, we had what we needed,” he stated. “If we couldn’t work through the contract, we could manage with the memorandum on a year-to-year basis.”
UK Athletic Director Mitch Barnhart, who joined Todd in announcing the coaching change, noted that the final agreement would be lower than $6 million. “We’ll be in touch with Billy’s legal team to reach a fair separation agreement,” Barnhart said.
