Sport Law Update: Rutgers Receives $500K in Schiano Buyout

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When Rutgers University executed its contract extension with Greg Schiano back in 2007, it laid out what would happen if the coach left before the contract expired in 2016. That price tag for an early departure—$500,000.

As we previously discussed on this blog, Schiano resigned from Rutgers after 11 years as the Scarlet Knights head coach on Jan. 26 to coach in the NFL. Several weeks ago, the Tampa Bay Buccaneers paid Rutgers University a $500,000 installment on Schiano’s buyout, according to the Tampa Bay Tribune.

Schiano’s contract also included an $800,000 interest-free home loan granted by the school, which would be forgiven at a rate of $100,000 per year over the life of the contract. The loan has a remaining balance of $300,000, which must be paid either upon the sale of Schiano’s home or within a year from the date of his resignation. According to the Tribune, it is unclear whether Schiano or the Bucs will pay off the loan.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Anthony Caruso, Scarinci Hollenbeck | Attorney Advertising

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