Donor Offering Univ. Of Arizona Coaches, AD Stake In Oil Company To Stay Long-Term
An unidentified Univ. of Arizona donor has offered football coach Rich Rodriguez, men's basketball coach Sean Miller and AD Greg Byrne a "small stake in an oil and gas company -- and a potentially huge lump-sum payment -- if they stay at the school for the next eight years," according to Andy Staples of SI.com. Documents pertaining to proposed contract extensions for all three men show that the donor "has offered 500,000 units of a master limited partnership currently valued at $35.36 per unit ($17,680,000 total) to the University of Arizona Foundation." If Rodriguez and Miller remain at UA "eight years from the effective date of the contract," they would receive 175,000 units or the "cash value (currently $6,188,000) of those units." Byrne "would receive 100,000 units (currently $3,536,000)." The school's Board of Regents will vote June 6 to approve the extensions (SI.com, 5/28). Regents Chair Rick Myers said, “It’s not cash. There are horror stories out there of boosters at universities who try to put something in place. ... This is all transparent, and the money flows through the university. The university maintains control so there are no side deals.” In Arizona, Bruce Pascoe reports under the proposed plan, 90% of the stock "would be managed by Barclays for the eight years, with quarterly distributions of income to be spent" by Byrne. The other 10% would be "held for the university, and its distributions would be controlled" by UA President Ann Weaver Hart. If UA fires any of the three "without cause before the eight years are up, they would still collect." If they are "terminated without cause in their first four years they would receive a prorated amount ... and if they are terminated without cause after their fourth year they would receive the entire amount" (ARIZONA DAILY STAR, 5/29).