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NCAA PAYS OUT $54.5M IN SALARY CASE, MOST FROM CBS DEAL
Published May 12, 1999
The NCAA "officially brought an end" to its restricted earnings settlement yesterday by transferring more than $54.5M to an account controlled by the attorneys for the restricted earnings coaches, according to Doug Tucker of the AP. The total payout included $19,754.40 in interest since the NCAA was three days late in making the payment. Coaches' attorney Dennis Cross: "They wanted to wait until all the points in the written agreement were settled and we didn't get that done until this morning." NCAA Dir of PR Wally Renfro said "everyone is very glad to have this finally resolved." The NCAA, which is relocating its headquarters from K.C. to Indianapolis next year, "had expected to get much of the money through a tax-free bond issue guaranteed" by the state of IN, but the state Legislature adjourned without addressing the bill. As a result, the NCAA came up with the majority of its payment from the almost $200M it receives from CBS for the rights to the NCAA basketball tournament (AP, 5/12).