Wednesday, July 23, 2008

Rutgers Football Follies: Schiano's Shadowy Deal

Artist Drew Sheneman at posted this funny about RU football & the unending drama and debate surrounding Coach Greg Schiano's contract.

According to a story by The (Newark) Star Ledger's Josh Margnolin and Ted Sherman, not only was Sciano's contract lucrative (argument was initially made about the public funding such a paycheck), but apparently it was also laced with some good 'ol Jersey monkey business.
Last year Rutgers University football coach Greg Schiano shook hands on a lucrative contract extension that made him one of the highest-paid collegiate coaches in the nation. But that was only a piece of the deal.

Five months after agreeing to terms that will pay him as much as $2 million annually, Schiano signed a side agreement, providing an additional $250,000 a year through indirect payments that were never publicly disclosed, according to records obtained by The Star-Ledger.

In the addendum to his contract, dated July 2, 2007, Rutgers arranged for Nelligan Sports Marketing, the university's exclusive marketing agent, to pay the coach the additional $250,000 -- keeping the payments off the school's payroll.

The money was deducted from sponsorship revenues collected on the university's behalf by the marketing firm, but the amount was guaranteed by Rutgers. It was listed as a payment for "personal services" and was made to a limited liability corporation established by Schiano.

Keep chopping wood.

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