SBD/12/Collegiate Sports

NCAA PAYS OUT $54.5M IN SALARY CASE, MOST FROM CBS DEAL

          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).

Return to top

Related Topics:

CBS, Colleges, NCAA, Viacom

Video Powered By - Castfire CMS Powered By - Sitecore

Report a Bug