Tim Tucker of the AJC has obtained details of the “Memorandum of Understanding” between new basketball head coach Mark Fox and the University of Georgia. According to the report, Fox must pay the UGA Athletic Association $2 million if he resigns his position while under contract (i.e. a buyout).
The 3-page memorandum between Fox and UGA will become a contract if a more “definitive agreement is not signed within 60 calender days.” Terms of Mark Fox’s agreement are listed below:
Salary and Other Income ($1.2 million):
- Annual base salary of a least $250,000
- Annual payments of $500,000 for radio/TV shows, etc.
- $150,000 for sports camps
- $300,000 for shoe and apparel endorsements
- Longevity bonus of $600,000 at the expiration of the contract on June 30, 2015 ($100,000 per year; pro-rated if contract is terminated)
- Eligible to receive up to $400,000 per year in bonuses based on team and academic performance
- Will be provided 2 vehicles