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Tuesday, August 19, 2008

Ind. Gov't. - More on: Coach Crean's contract online

On April 4th, the ILB posted this entry, including a link, via the Indianapolis Star, to Coach Tom Crean's 3-page, $18 million "memo of understanding".

This afternoon, from a story by Star reporter Mark Alesia:

Indiana University men's basketball coach Tom Crean has signed a contract worth at least $23.6 million over 10 years.

Since being hired in April, Crean had been working under a "memorandum of understanding," which outlined the terms of his employment before a detailed contract was drafted and signed.

The Indianapolis Star reported last month that IU had agreed to increase the length of the agreement from eight to 10 years.

Crean's buyout if he leaves before the end of the contract did not increase from the memorandum of understanding. It remains $3 million for the first three years, $2 million in the fourth and fifth years and $1 million per year for the rest of the deal.

Crean's compensation increases each year of the deal.

Again, the Star has posted the agreement, now 22-pages long, online so we lawyers can look it over.

Posted by Marcia Oddi on August 19, 2008 12:05 PM
Posted to Indiana Government