John L. Smith facing bankruptcy
"FAYETTEVILLE, Ark. (AP)
John L. Smith always believed real estate development was the safest investment of all, saying ''you may not make money, but you won't lose money.''
The Arkansas coach has had to rethink that philosophy in recent years after several of his land deals went bust in Kentucky. Smith told The Associated Press that he is making plans to declare bankruptcy, perhaps during the upcoming season.
''There have been some sleepless nights trying to get this resolved,'' Smith said. ''There comes a point in time where you say `Enough is enough,' and I want it cleaned up and whatever we have to do, we have to do.
Following Petrino's firing, Smith approached Arkansas athletic director Jeff Long about the job as was later signed to a 10-month, $850,000 contract. Long said Smith was up front about his financial problems during the hiring process, and he was comfortable the issues wouldn't affect Smith's ability to coach the Razorbacks."
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