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Started By
Message
The buyout is just under $9.4 Million and decreasing daily...
Posted on 10/1/17 at 10:46 pm
Posted on 10/1/17 at 10:46 pm
Ok. I'm no lawyer so someone please correct me if I'm wrong. Doing this on my phone so forgive the typos..
Link to BoS meeting agenda from March
The above link is a 159 page agenda. 34 pages of which are Ed Orgeron's contract. Scroll down to about page 146/147 of the document and you'll see the buyout portion. The buyout was $12 million at the beginning of 2017 and 'only' $8.5 million on January 1, 2018. The contract has very specific language explaining via example that if he were fired on 11/30/2018, LSU would owe him $5,291,677.
Still a ridiculous buyout but $3.5 milion better than we thought.
Note: I cannot find a copy of his approved contract so I am assuming that this one was approved and nothing has changed from it.
Link to BoS meeting agenda from March
The above link is a 159 page agenda. 34 pages of which are Ed Orgeron's contract. Scroll down to about page 146/147 of the document and you'll see the buyout portion. The buyout was $12 million at the beginning of 2017 and 'only' $8.5 million on January 1, 2018. The contract has very specific language explaining via example that if he were fired on 11/30/2018, LSU would owe him $5,291,677.
Still a ridiculous buyout but $3.5 milion better than we thought.
Note: I cannot find a copy of his approved contract so I am assuming that this one was approved and nothing has changed from it.
This post was edited on 10/1/17 at 11:43 pm
19
Posted on 10/1/17 at 10:55 pm to notbilly
Correct. Media loves the gotcha headline of $12M, though.
This post was edited on 10/1/17 at 10:57 pm
Posted on 10/1/17 at 10:56 pm to notbilly
He's toast at the end of the season with a 3-9 record.
Posted on 10/1/17 at 10:57 pm to notbilly
So let’s fire Yaw Yaw on January 1.
Posted on 10/1/17 at 10:57 pm to Tunasntigers92
(no message)
This post was edited on 10/1/17 at 10:58 pm
Posted on 10/1/17 at 10:58 pm to notbilly
Interesting, but I've read several times that his buyout reduces to 6 million on 1/1/19. That doesn't square with your 11/30/18 number of 5,291,677.
But I hope you're right.
But I hope you're right.
Posted on 10/1/17 at 10:58 pm to Tunasntigers92
Posted on 10/1/17 at 10:59 pm to notbilly
quote:
he were fired on 11/30/2018, LSU would owe him $5,291,677.
Do you realize how much damage he can do by the end of next season.
Once he knows he is a lame duck, you really think he will even pretend to recruit.
Whoever follows him in 2019 will have absolutely nothing to work with.
Hell, it won't surprise me if some of the best players from this freshman class transfer.
Posted on 10/1/17 at 10:59 pm to notbilly
So does this mean it can happen?
Posted on 10/1/17 at 11:01 pm to Tunasntigers92
goes winless in the SEC, he gone. That hasn't been achieved since I was 6 years old in 1983. I thought that season was going to be great with beating #12 FSU and blowing out #9 Washington which was the largest crowd ever during that T.S. Configuration and seating with just the old West Upper and lower bowl along with that shitty arse PA system. O-T: What happened in 83? Did someone get hurt or we got a bunch of injuries? I attended all the home games 83', but I was little young to remember what happened to LSU for going winless in the SEC that year.
This post was edited on 10/1/17 at 11:31 pm
Posted on 10/1/17 at 11:05 pm to cypressbrake3
quote:
Interesting, but I've read several times that his buyout reduces to 6 million on 1/1/19. That doesn't square with your 11/30/18 number of 5,291,677.
But I hope you're right.
The way it reads in the link is that the buyout amount for each calendar year is reduced by the amount of salary he was already paid YTD at the time of the firing. So the 2018 example starts at 8.5 on 1/1/18, then is less the amount he would be paid through November.
The 2019 amount is 6...but it's technically only exactly 6 in January.
Posted on 10/1/17 at 11:06 pm to MOT
so If LSU waits to New Years Day 2018, LSU is saving money on the buyout. The buyouts are usually amortized. Is it all front loaded or on a set scheduled yearly payout?
Posted on 10/1/17 at 11:07 pm to cypressbrake3
quote:
Interesting, but I've read several times that his buyout reduces to 6 million on 1/1/19. That doesn't square with your 11/30/18 number of 5,291,677.
But I hope you're right.
It is kind of goofy but the $6 million number you read is correct for January 1, 2019. It would be a million dollars cheaper to fire him in 12/31/2018 than to fire him the following day. The difference is bc the buyout(termination) is reduced by 2.5 million bt 1/1/18 and 1/1/19 however he would make 3.5 million. So the buyout during the 2018 calendar year is reduced by his compensation earned YTD.
It looks like all the articles I've seen reference the advocate article from March which is why I searched for the actual contract.
This post was edited on 10/1/17 at 11:12 pm
Posted on 10/1/17 at 11:09 pm to sheek
quote:
Is it all front loaded or on a set scheduled yearly payout?
According to the contract linked. $2M is due within 60 days of termination. The remainder is paid out over the term of his contract pro-rata.
Posted on 10/1/17 at 11:11 pm to Golfer
quote:
term of his contract pro-rata.
thanks Golfer for clarifying that fact.
Posted on 10/1/17 at 11:14 pm to 5Alive
quote:
So let’s fire Yaw Yaw on January 1.
I'm in. If les can get him a decent job this year, we may be in bidness
Posted on 10/1/17 at 11:16 pm to sheek
quote:
so If LSU waits to New Years Day 2018, LSU is saving money on the buyout.
Not really. LSU would owe O $8.5 million on 1/1/2018. If they fired him O on 12/1/2017 instead, he'd be owed $8,791,667.
Posted on 10/1/17 at 11:16 pm to notbilly
quote:
notbilly
Well done sir
Posted on 10/1/17 at 11:18 pm to sheek
Found it.
The payout is prorated based on the salary received to date. So it is $8.5MM in January 2018.
Let's say we fire him on December 1, 2017. He will have been paid 11 months of $3.5MM, so that is $3.209MM, we would owe him a buyout of $8.79MM.
The first payment of $2MM is due 60 days after termination, so February 1, 2018. The rest of it is payable over the length of the contract. The contract runs through December 2021, so we would owe him roughly $1.7MM per year except the first year, in which we owe him $3.7MM.
The payout is prorated based on the salary received to date. So it is $8.5MM in January 2018.
Let's say we fire him on December 1, 2017. He will have been paid 11 months of $3.5MM, so that is $3.209MM, we would owe him a buyout of $8.79MM.
The first payment of $2MM is due 60 days after termination, so February 1, 2018. The rest of it is payable over the length of the contract. The contract runs through December 2021, so we would owe him roughly $1.7MM per year except the first year, in which we owe him $3.7MM.
Posted on 10/1/17 at 11:21 pm to Tiger Phil
quote:
The payout is prorated based on the salary received to date. So it is $8.5MM in January 2018.
Let's say we fire him on December 1, 2017. He will have been paid 11 months of $3.5MM, so that is $3.209MM, we would owe him a buyout of $8.79MM.
The first payment of $2MM is due 60 days after termination, so February 1, 2018. The rest of it is payable over the length of the contract. The contract runs through December 2021, so we would owe him roughly $1.7MM per year except the first year, in which we owe him $3.7MM.
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