d a $2.3 million annual deal it had with him
d a $2.3 million annual deal it had with himin Welcome to the Forum ! Tue Dec 19, 2017 3:48 am
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Compensation became the most contentious issue of all. Ramsey used the foundation to bolster the salaries of a small number of executives, including himself. Although the money was labeled “deferred comp,” it vested almost immediately—Nike Air Max 1 Femme in some cases the day after it was awarded. In addition, the foundation added “gross ups” to cover the income taxes of the recipients. And it allegedly paid bonuses that were never revealed to the board. Ramsey claimed this added compensation had been authorized by the trustees, but when a local TV station filed an open records request, the Nike Air Max 1 Womens university said it couldn’t find any record of the authorization. (Ramsey’s lawyer said his client followed the directions of the board.)Little by little, this information trickled out to the public as the Louisville press began breaking stories about the goings-on at the foundation. Finally, the dissident board members insisted the board hire a compensation consultant—but Ramsey and the foundation board hid information from the consultant, too. In 2015, for instance, Ramsey’s compensation Nike Air Pegasus 89 Femme from the university was $343,000. But when you included what he received from the foundation, his actual pay was $1.7 million. An auditor would later find that from 2010 to 2016, Ramsey, Jurich, and seven other Louisville officials received $21.8 million in deferred compensation without the knowledge of the board.
Regarding his complex Nike Roshe Run Womens compensation agreement, Jurich’s lawyer told the board that Jurich was promised more than four years ago that his contract would be rewritten to modernize and simplify it. “Tom did not request or come up with the numerous compensation items in updates to his agreement, most of which have been in the contract for a long time,” Jurich’s lawyer said.There were other embarrassments beyond lavish pay. For Halloween 2015, Ramsey and his staff dressed as stereotypical Mexicans, with sombreros and large Adidas Superstar Pánské fake moustaches. When pictures of the event were leaked to the media, Ramsey was forced to apologize.A Republican governor elected in 2015, Matt Bevin, dissolved the board amid increasingly contentious meetings and replaced it with an entirely new set of trustees. The chairman, a no-nonsense businessman named J. David Grissom, took over in Nike Air Max 90 Femme Noir et Rose June 2016. “I look forward to working with this new board as we move the university forward,” said Ramsey, fully expecting to be kept on. As a pro forma gesture, he submitted his resignation to the new board. Much to his surprise, Grissom and the board accepted it.erhaps the most painful aspect of this latest basketball scandal is that it came just as the university’s bad press was finally dying down. The stripper scandal was old news. The forensic audit of the foundation had made headlines over Adidas Superstar Dámské černéthe summer, but that story was fading, too.
The university’s interim president, Gregory Postel, who’d been head of the hospital and medical school, tapped a local private equity executive, Vince Tyra, to sort out the foundation’s problems and try to sell its real estate. Postel had to acknowledge that the university had a $48 million Nike Air Vapormax Dam shortfall because some of the assets had been overvalued. That led to a hiring freeze and other cost-saving measures.Finally, Postel renegotiated the lease with the KFC Yum! Center. For more than a year, city and state officials had been pressuring Jurich to cut a new deal, but the athletic director resisted. At one point, he went on the radio and described the criticism he was getting as “criminal.” Hard-nosed to the end, he also threatened to leave the arena and build his own on campus.The board, Nike Air Max 90 Dam Svart realizing that the growing political pressure made a new agreement a necessity, pushed Jurich aside and gave the task to Postel. In May, Postel agreed the university would give back $2.4 million a year to help relieve the pressure on the KFC Yum! Center. Jurich, clearly annoyed, grumbled that the money was “a big hit for us” and Nike Air Max 2017 Womens would have to be made up in additional fees and charges.Then came the FBI arrests, and the headlines started up all over again. If anything, they were worse than those of the last few years, given that the subject was basketball. Both Pitino and Jurich were fired “for cause,” meaning the university would not pay them the remainder of their Adidas NMD Femme contracts. Pitino sued the university for $36 million, the amount he said remained on his contract, which ran through 2026. He also sued Adidas, which canceled a $2.3 million annual deal it had with him, for damaging his reputation “for honesty and integrity.”