Lubbock, Texas Texas Tech and coach Mike Leach agreed Thursday on a new contract after months of contentious negotiations.
Leach signed the contract shortly after he and Kent Hance, the university’s chancellor, met for about two hours Thursday afternoon to hammer out an agreement. Hance said the negotiating part lasted only about 15 minutes.
“Me and my family are thrilled to death that we’re going to be in Lubbock for another five years,” Leach said at an evening news conference. “I appreciate Chancellor Hance and Gerald (Myers’) efforts to allow us to stay here and the opportunity to be here to coach the Red Raiders for many years to come.”
Weeks ago, Leach and Tech essentially settled on the financial terms of a five-year, $12.7 million deal. But Leach took issue with several clauses the school added when the sides were trading proposals. The provision that bothered Leach the most would have triggered his firing and a $1.5 million penalty if he interviewed for another job without getting permission from Myers, the athletic director. Leach’s existing contract had no such restriction.
He was prepared to keep coaching under the remaining two years of a five-year, $10 million contract.
In the new contract that keeps Leach at Tech through 2013, Leach only needs to notify Myers in writing to interview at another school.
The contract also includes a $250,000 bonus if Leach and Tech win the national championship, a $75,000 bonus if Tech participates in a BCS Bowl and a $50,000 bonus if Leach is picked as national coach of the year
If Tech terminates the contract, the school must pay Leach $400,000 for each year remaining on the agreement. And there is no buyout amount.