Contract with basketball coach Steve Alford includes large early buyout clause
By Andrew Erickson
July 8, 2013 10:44 p.m.
On pain of pocketbook, it appears UCLA and Steve Alford will likely be together until at least 2016.
According to a Los Angeles Times report Monday night that specifically cited the buyout terms of the UCLA basketball coach’s seven-year, $18.2 million deal, the two parties are locked in identical buyout clauses that would require a payout of $10.4 million from the early-acting side should the contract be terminated prior to April 30, 2016, or three years into Alford’s tenure.
The terms are unusually high for a collegiate basketball coach, over 10 times what Alford paid in his buyout to leave the University of New Mexico earlier this year. The eight-figure buyout would likely prevent Alford from bolting to another opportunity in the NCAA or NBA over the next few years, and likewise would penalize UCLA for a swift termination without cause as expressed by Athletic Director Dan Guerrero.
For each additional year that Alford remains under contract beyond April 30, 2016, the identical buyout clauses are reduced by $2.6 million, or Alford’s base annual salary. The incremental reduction brings the buyout for both UCLA and Alford to $0 on April 30, 2020, when the contract is set to expire.
Alford’s contract also includes an $850,000 signing bonus, membership to a local country club, the use of two courtesy cars as well as allowance for spousal travel to away games. He may also earn an additional $150,000 annually from hosting basketball camps, both over the summer and during holidays.
When UCLA terminated former coach Ben Howland’s contract following the team’s 20-point loss to Minnesota in the NCAA tournament, he was awarded a $3.5 million buyout.
The new UCLA basketball coach will officially begin his career at the helm of the Bruins on Friday, Nov. 8th, when UCLA takes on Drexel at Pauley Pavilion.
Compiled by Andrew Erickson, Bruin Sports senior staff.
