Feb. 25 (Bloomberg) -- Rutgers University says it received $500,000 from the Tampa Bay Buccaneers to complete the buyout of former football coach Greg Schiano’s contract.
Schiano left the New Brunswick, New Jersey, school after posting a 68-67 record in 11 seasons to coach the National Football League team in January.
School spokesman E.J. Miranda said yesterday that the money will go specifically to the athletic department, rather than the university as a whole.
Rutgers paid Schiano $2.03 million, including bonuses, in the fiscal year ended in June. His contract also got him an $800,000 interest-free home loan from the school with $100,000 forgiven each year. E-mails sent to the school asking if Schiano repaid the $300,000 remaining on the loan weren’t immediately returned.
The contract called for him to pay $500,000 if he left the school before the deal expired Dec. 31, 2016.
The school is trying to increase athletic department revenue to balance its intercollegiate sports budget. The athletic department’s $26.9 million subsidy in fiscal 2010 from student fees and the school’s general fund was the most among the 53 public universities in college football’s biggest conferences, according to data compiled by Bloomberg News.
To contact the reporter on this story: Curtis Eichelberger in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Michael Sillup at email@example.com