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What is Jimbos buy out and who pays that?
Posted on 11/27/15 at 3:57 am
Posted on 11/27/15 at 3:57 am
Are you guys on the hook for that as well?
Seems like a lot of money to me
Seems like a lot of money to me
This post was edited on 11/27/15 at 4:00 am
9
Posted on 11/27/15 at 4:02 am to threeputt
Lawd Jesus these discussions just appear and reappear and disappear and reappear ....
Posted on 11/27/15 at 4:11 am to baybeefeetz
Just curious.
I'm sure it's in the neighborhood of 5 million. Les has buy out of 15 million. I'm sure some of the current assistants have buyouts. And I'm also sure jimbo will make at least 6 million a year.
That's almost 30 million to get a coach who won't win as many games as what you have now ... Doesn't make much sense to me but I'm sure jimmy sexton will be happy
I'm sure it's in the neighborhood of 5 million. Les has buy out of 15 million. I'm sure some of the current assistants have buyouts. And I'm also sure jimbo will make at least 6 million a year.
That's almost 30 million to get a coach who won't win as many games as what you have now ... Doesn't make much sense to me but I'm sure jimmy sexton will be happy
Posted on 11/27/15 at 4:14 am to threeputt
Les will be required to look for a job. If he gets a job, which he is likely to do, the buyout is reduced by his new compensation.
Also, that applies for the duration of the 8 years that the buyout is paid over.
Also, that applies for the duration of the 8 years that the buyout is paid over.
Posted on 11/27/15 at 4:37 am to SBC
Why would Les be required to look for a job? If you fired me and owed me 15 million dollars I'm not looking for shite.
Posted on 11/27/15 at 4:38 am to Iron Lion
His contract states He would reasonably in good faith look for another job. If he violates that and retires they don't owe him shite is my understanding.
This post was edited on 11/27/15 at 4:39 am
Posted on 11/27/15 at 4:45 am to threeputt
It's 15 mil over 8 years for miles
Posted on 11/27/15 at 4:47 am to Mrtommorrow1987
Ok I didn't realize that.
Posted on 11/27/15 at 4:51 am to Mrtommorrow1987
quote:
His contract states He would reasonably in good faith look for another job. If he violates that and retires they don't owe him shite is my understanding.
I noticed that language in the contract too. Might really help us out being spread over the years like that. You'd have to think he'd make at least close to a million a year at just about any job he could take.
Posted on 11/27/15 at 5:18 am to threeputt
$5 M now and $1 M in 2016 ....just add it to LSUs Total
Posted on 11/27/15 at 6:14 am to threeputt
Fleurty Girl said she's going to donate a half mill towards Jimbo's buyout.
Posted on 11/27/15 at 6:15 am to threeputt
Why would anyone have to pay it? What makes you think he's coming here?
Posted on 11/27/15 at 7:23 am to threeputt
We L$U
Posted on 11/27/15 at 7:29 am to threeputt
Sure is a lot of money for football. I'm sure the ticket and parking prices will be increased to cover it.
Posted on 11/27/15 at 7:29 am to threeputt
Posted this about Les' and Jimbo's buyouts last night:
A) It wouldn't be $15 MM for Les, it would be $11 MM.
B) It could be even lower than that if Les finds another gig, as his contract dictates he does.
C) It would be paid out over 8 years, so it's not like the TAF would be out all of that at once.
D) Jimbo's current buyout is $5 MM if he terminates on or before 12/31/2016.
E) Jimbo (TAF) would have 60-days to pay FSU after termination of contract.
Those are the facts.
Les is gone, so we know TAF (individual boosters) will be ponying up $11 MM not matter who is hired. I would hope that they set aside a large amount now in a "Les Miles Retirement Fund" account, let that earn interest, and pay him from that until he is made whole.
So, really, the only large amount of upfront money would be the buyout of $5 MM for Jimbo. Now, lets look at some other names that have been thrown-out there, and what their buyouts would be.
Justin Fuente - $500k
Tom Herman - $2.25 MM
Dan Mullen - $1.4 MM
So, taking cheapest of those three, Fuente, do you risk the short-term $4.5 MM savings and go with a young coach, or do you go with the more "sure" hire in Jimbo, and bank that you will make that $5 MM relatively quickly?
Herman has done great things in Houston, but I'm pretty sure that most everyone would take Jimbo and give the points in that deal. Those that have thrown Mullen out were smoking crack, and if you're not got going to grab Herman at 2.25, then I don't think you're gonna go after Mullen at 1.4.
Therefore, in the grand scheme of things, to get Jimbo will cost $5 MM upfront.
A) It wouldn't be $15 MM for Les, it would be $11 MM.
B) It could be even lower than that if Les finds another gig, as his contract dictates he does.
C) It would be paid out over 8 years, so it's not like the TAF would be out all of that at once.
D) Jimbo's current buyout is $5 MM if he terminates on or before 12/31/2016.
E) Jimbo (TAF) would have 60-days to pay FSU after termination of contract.
Those are the facts.
Les is gone, so we know TAF (individual boosters) will be ponying up $11 MM not matter who is hired. I would hope that they set aside a large amount now in a "Les Miles Retirement Fund" account, let that earn interest, and pay him from that until he is made whole.
So, really, the only large amount of upfront money would be the buyout of $5 MM for Jimbo. Now, lets look at some other names that have been thrown-out there, and what their buyouts would be.
Justin Fuente - $500k
Tom Herman - $2.25 MM
Dan Mullen - $1.4 MM
So, taking cheapest of those three, Fuente, do you risk the short-term $4.5 MM savings and go with a young coach, or do you go with the more "sure" hire in Jimbo, and bank that you will make that $5 MM relatively quickly?
Herman has done great things in Houston, but I'm pretty sure that most everyone would take Jimbo and give the points in that deal. Those that have thrown Mullen out were smoking crack, and if you're not got going to grab Herman at 2.25, then I don't think you're gonna go after Mullen at 1.4.
Therefore, in the grand scheme of things, to get Jimbo will cost $5 MM upfront.
Posted on 11/27/15 at 7:48 am to RummelTiger
quote:
Those are the facts.
Rummy bringing the wood
Posted on 11/27/15 at 8:13 am to threeputt
quote:
Seems like a lot of money to me
that's funny coming from the fan of a school who is still paying Charlie Weiss a buyout that will end up costing them over $18 millionThis post was edited on 11/27/15 at 8:17 am
Posted on 11/27/15 at 8:29 am to threeputt
We were kinda hoping you would.
Personal check is fine.
Personal check is fine.
Posted on 11/27/15 at 8:45 am to SPEEDY
Our school wasn't going bankrupt when we paid him.
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