LOUISVILLE, Ky. (WDRB) — The College of Louisville Athletics Affiliation plans to formally take duty to pay as much as $6 million, and probably extra, to athletics director Tom Jurich beneath an incentive deal that former U of L President James Ramsey gave Jurich in 2014 via the U of L Basis.
The athletics affiliation’s board of administrators had been set to think about Jurich’s “deferred compensation” package deal at a gathering Thursday, however U of L interim President Greg Postel tabled a decision on the matter till the board’s June assembly.
Postel stated legal professionals are nonetheless “engaged on the language” of the settlement.
As WDRB reported in February, Ramsey in 2014 used the inspiration’s now-defunct incentive pay program to vow Jurich, 60, a further $three million if he stays on the job till age sixty five and one other $three million if he stays till age 70.
And, the ultimate payouts might be rather more than $6 million, as a result of the cash can be marked up with the identical funding returns that the U of L Basis earns for the varsity’s $785 million endowment, as if Jurich had invested within the endowment beginning July 1, 2014.
Although the inspiration made the settlement with Jurich, the doc Ramsey executed in 2014 says the athletics affiliation ought to pay the profit.
Now beneath new management, the inspiration ended its “deferred compensation” program on March 31. The group accrued greater than $20 million in liabilities to a few dozen U of L directors in the course of the lifetime of this system.
When it ended this system, the inspiration “cancelled” the compensation that Jurich had been promised in 2014, in response to the athletics board decision that was not voted on Thursday.
However Jurich “has acted in good religion reliance” on the promised cash, and the athletics affiliation agrees to pay Jurich “in an quantity equal” to what the inspiration doc had promised “in mild of Mr. Jurich’s accomplishments,” in response to the decision.
Whereas the difficulty was tabled Thursday, Postel stated the settlement isn’t being “reopened” for negotiation.
“We haven’t requested Mr. Jurich to make any modifications,” Postel stated. “It’s merely not able to be acted on because it’s presently written.”
Jurich stated it wasn’t his name to delay motion on the decision.
“If it was as much as me, we wouldn’t have,” he stated.
Attain reporter Chris Otts at 502-585-0822, firstname.lastname@example.org, on Twitter or on Fb. Copyright 2017 WDRB Information. All rights reserved.