LEXINGTON, KY. ? Billy Gillispie still hasn’t signed a formal contract more than seven months after agreeing to become the Kentucky’s basketball coach.

Gillispie remains employed under a two-page memorandum of understanding that details his compensation package, athletic director Mitch Barnhart said Friday.

“UK is comfortable with letting the memorandum of understanding serve as an employment agreement since it contains all important elements,” Barnhart said.

The memorandum, signed April 6 – the day Gillispie was announced as coach – stipulates “every reasonable effort” would be made to conclude the contract talks within 60 days.