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


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.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

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

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.