Alabama Football Program Nets $47M-Plus Profit Texas A&M Athletic Department Makes $57.2M In '15-16 N.C. Still In Limbo As ACC Championship Host Site Washington State Athletic Deficit Shrinking LSU Athletics Turns $12M Profit In '15-16 Sources: BC Wasn't Going To Renew Bates' Contract Kentucky Increases Price For Football Season Tickets Florida AD Stricklin Puts Twitter To Good Use Schools Increasingly Rely On Private Plane Use Boston College AD Bates Resigns To Take CSA Job
NCAA RESTRICTED EARNINGS A HOT TOPIC AT S.A. CONVENTION
Published January 12, 1999
The NCAA is still attempting to "settle pending litigation concerning restricted-earnings coaches," a suit the organization lost which awarded $67M in damages to former coaches who fell into the "now defunct" category, according to Tim Griffin of the SAN ANTONIO EXPRESS-NEWS. At the NCAA Convention in San Antonio, Penn State Univ. President Graham Spanier said, "The NCAA is healthy and continues to be solvent and will get through this. But there is no question that legal fees and the potential for settlement cost of this lawsuit pose a significant challenge to all of us." Griffin writes that the "looming payment" could reach up to $80M. The plaintiffs told the NCAA that "they prefer the settlement in one payment, rather than disbursed over several years," meaning the organization "probably would have to borrow if a lump-sum payment is figured." NCAA Gen. Counsel Elisa Cole said that the organization continues to negotiate an out-of-court settlement (EXPRESS-NEWS, 1/12). Among ways to pay include a "flat fee, divided equally among" the Div. I members, and a "weighted assessment that would have some member schools paying more than others" (DALLAS MORNING NEWS, 1/12).