Regents Cry Foul, But Should They?
Who’s responsible for approving the Pitino extension that multiplied his buyout by more than two times, to more than $8 million?
The answer is extremely important to the story, and the mainstream media should do the work to report on it.
Ultimately, this falls on the Board of Regents and the President’s office, but the details are important.
In March 2016, certain Regents became vocal and expressed frustration over Pitino’s large buyout (which at that time had amortized to just over $7 million). Some called for more oversight and ability to approve significant contracts.
The reality, however, is that they already had the ability to do so. The Pitino contract situation illustrates the Board of Regents and President’s office not working well together.
This week a resolution will be brought forth that specifies the process on certain contracts (e.g., Board approval required for any initial appointment where an employee’s annual salary will exceed $250,000 or any employment agreement, or amendment thereto, that has at total cost to the University of $600,000 or more.)
However, in the case of Pitino and the other contracts amended in reaction to the very public and shameful resignation of Norwood Teague, the Board should have been brought into the process under existing policy. Continue reading Regents Cry Foul, But Should They? Pitino Buyout and MoreSharing Options: