Ole Miss’ financial commitment to former head football coach Houston Nutt is now complete, according to information released by athletics director Ross Bjork. Instead of continuing to play Nutt installments on his contract buyout, Bjork was able to garner an early payoff that saved money for the UMAA.
“In light of the changes in tax code for 2013 and beyond, we proposed an early completion of the separation agreement with Coach Nutt and we came to terms near the end of December, 2012,” Nutt said. “Our remaining obligation was $4.8M over the next four years and we agreed to a lesser, one-time payment of $4.35M, and paid this from our athletic foundation reserves. This one-time payment will save us over $550,000 when you consider time value of money and payroll taxes. It worked out as a win-win for everyone and both of us can now move ahead.” (January 28, 2013, Page 9)