Financial fallout from Schiano, UT could owe buyout

[secking]

Does anyone know which side backed out of the deal? This is actually very important. They had an agreement in principle. A LOT of coaches work off that agreement (especially in extensions) and sign days, sometimes months later. Agreement in principle can be legally binding depending how far along the paperwork is, thus if it was “done, only need a signature” then it’s binding and UT owes the buyout if it’s a breach of contract. I think it’s Schiano that said no so all of this is void but if not....

They say he was on the plane so it was pretty far along. To the associate AD who leaked the story, a VFL needs to step up and offer him a job as I’m sure he/she will be looking for a new one.

Btw, lots of stories coming out saying McQuery lied and Schiano is innocent. Don’t use Washington Post, they are worthless and less credible than guys who likes turtles.

 

[BeardedVol]

Schiano and Currie signed a 'memorandum of understanding' not a contract. It will probably cost us some legal fees in the state of Ohio, but he was never named coach, and never signed a contract.

 

[volinbham]

no

 

[Frank Duncan]

"lots of stories coming out saying McQuery lied and Schiano is innocent." Just ask Sandusky

 

[golfballs]

Doubtful

 

[landscapingvol]

Does anyone know which side backed out of the deal? This is actually very important. They had an agreement in principle. A LOT of coaches work off that agreement (especially in extensions) and sign days, sometimes months later. Agreement in principle can be legally binding depending how far along the paperwork is, thus if it was “done, only need a signature” then it’s binding and UT owes the buyout if it’s a breach of contract. I think it’s Schiano that said no so all of this is void but if not....

They say he was on the plane so it was pretty far along. To the associate AD who leaked the story, a VFL needs to step up and offer him a job as I’m sure he/she will be looking for a new one.

Btw, lots of stories coming out saying McQuery lied and Schiano is innocent. Don’t use Washington Post, they are worthless and less credible than guys who likes turtles.

Whether he was implicated or not is irrelevant in the grand scheme of things because being associated with that program whatsoever is assumed guilt. I can't think of a coach that served under Joe Paterno that has soared through the coaching ranks since the accusations began.

 

[DaddyChad]

The fact is the truth doesn't matter. Perception is everything. No one in their right mind hires this guy and this is why.

People will characterize this as fans being crazy about football but this was about something more. Currie should be out on his ass before tomorrow for even thinking this was a good hire.

 

[joevol33]

Schiano and Currie signed a 'memorandum of understanding' not a contract. It will probably cost us some legal fees in the state of Ohio, but he was never named coach, and never signed a contract.

Does that mean we owe Gruden also? Cause I could (but won’t) name a couple who swear him and Currie already signed an mou weeks ago!

 

[HwyChile]

If the memorandum of understanding was drafted correctly, it is 100% non-binding and should clearly state that it is not a contract. Either party can back out for any reason or no reason at all without any consequences. Of course, it may have been drafted incorrectly or they may have put a clause of some type for damages in case they could not negotiate a contract. Ohio law could also be different (they are weird Northerners after all).

 

[UnknownVariation]

The buyout is reportedly $20 million.

I hope, for the sake of your program and your sanity, that you don't owe him that.

 

[MurphyVol]

Report: Greg Schiano seeking buyout from Tennessee after deal falls through

 

[goldenvol]

I'm sure we will give Schiano some "for your troubles" money.

I'd say this will cost us a million or more.

 

[Thorp32]

It is being reported that the MOU was signed by all parties. TN will owe compensation. How much we will never know because it will be swept under rug.

 

[ShoNuff]

agreeing to agree is not a contract. it's a piece of paper that says we will sign a contract. doesn't mean anything. either in TN or Ohio. He'll sue though, just wont get anything out of it.

 

[james_govols]

Has Currie stepped down yet?

 

[Vol Catdaddy]

Its over for this guy he might not get a NAIA job! He might get 250k a legal fee is going to eat that up. No judge is going to give him more than that. His reputation being associated with that will destroy recruiting. OSU is not going to allow him back and currie needs to be fired! Conduct detrimental to program fired with cause! This is beyond embarrassing

 

[Vol737]

If a court says we owe him, take it out of the $340MM Neyland renovation. In fact, lets not do the renovation at all. Sick of building monuments to thyself while our football program languishes at the hands of the profoundly stupid.

 

[Thunder Good-Oil]

Does anyone know which side backed out of the deal? This is actually very important. They had an agreement in principle. A LOT of coaches work off that agreement (especially in extensions) and sign days, sometimes months later. Agreement in principle can be legally binding depending how far along the paperwork is, thus if it was “done, only need a signature” then it’s binding and UT owes the buyout if it’s a breach of contract. I think it’s Schiano that said no so all of this is void but if not....

They say he was on the plane so it was pretty far along. To the associate AD who leaked the story, a VFL needs to step up and offer him a job as I’m sure he/she will be looking for a new one.

Btw, lots of stories coming out saying McQuery lied and Schiano is innocent. Don’t use Washington Post, they are worthless and less credible than guys who likes turtles.

The Washington Post was 100% correct. All they did was report on a court record tgat was released to the public.

 

[ATLVols]

"lots of stories coming out saying McQuery lied and Schiano is innocent." Just ask Sandusky

Even if this is true, this was a HORRIBLE potential football hire. Losing record, never won division/conference championship, and not a likeable guy. Opposite of what we need.

 

[dougvolfan]

Currie is the one costing us. He needs to be unemployed soon.

 

[orangetabby74]

If we owe him any money it should be taken out of curries account. After all this was his guy.

 

[jblank]

Yeah, good luck with that.

 

[Volsfan4243]

The question is who will hold him accountable? With the Chancellor step in? Perhaps she should be fired as well.

 

[JohnWardForever]

IF the buyout is 20 Million, CURRIE SHOULD BE FIRED TONIGHT! MOF, he should be fired for even Considering Schiano! He Should have had a Coach READY after the Georgia Game! Fire his azz! Incompetent!

 

[HwyChile]

It is being reported that the MOU was signed by all parties. TN will owe compensation. How much we will never know because it will be swept under rug.

Normally a MOU is non-binding and not a contract. Therefore, no money is owed if a real contract is never signed. The most I could see him getting would be any actual expenses he incurred up to the point UT backed out, probably a few thousand and certainly not millions. By the way, I am an attorney in TX.