LUBBOCK, TX (KCBD) NewsChannel 11 told you first of a counter-offer from coach Mike Leach to Texas Tech. Then we broke the story on KCBD.com that Texas Tech rejected that offer Friday.
We can now show exactly what Leach's agents have requested down to the penny and we can show why texas tech says they don't like it.
Leach's agents are proposing a contract agreeing to a 5 year deal worth between $11.1 million to $12.7 million. It has three basic components: base salary, outside income, and bonuses.
Those bonuses include things like contract completion, successful graduation rate, winning the big 12 title and things like that. All other terms are the same as the August 2006 contract.
Texas Tech athletic director Gerald Myers said in a written statement Friday. "This so called proposal is simply an offer for us to guarantee that coach leach could never be fired. It would cost us a maximum of $4.4 million if we wanted to change coaches in the first year."
Tech's offer calls for equal penalties. If Leach quits he has to pay up to $1.5 million. Likewise, if Tech fires him, they have to up to $1.5 million.
GERALD MYERS STATEMENT REGARDING IMG'S PROPOSAL:
"This 'so called' proposal is simply an offer for us to guarantee that Coach Leach could never be fired. It would cost us a maximum of $4.4 MILLION if we wanted to change coaches in the first year. It would cost Texas Tech millions in subsequent years of his five year contract.
"If Leach left Tech he would only pay Tech $500,000. Our proposal is a fair offer of $12.7 million for five years. Both Leach and Texas Tech would pay the same annually decreasing buyout figures. Leach's agents' proposal is not fair. We will not even respond to such a proposal."