Excerpts from an article on the buyout in
the Winston Salem Journal:
Report: Manning paid $14.7 million from Wake Forest
- John Dell journalnow.com 5/31/23
Officials at Wake Forest didn't have a lot to say about a published report indicating that Danny Manning, a former men's basketball coach, was paid $14.7 million in 2021.
According to USA Today, Manning received the payment in 2021. The specific dollar figure was provided on the school’s federal tax return, which was obtained by the newspaper.
.....
...According to the USA Today article, the buyout is one of the biggest since the newspaper started tracking coaching buyouts in 2017. Archie Miller was fired by Indiana after the 2020-21 season and was scheduled to receive about a $10.3 million buyout.
Because Wake Forest is a private school, it also likely had to pay at least $2.6 million more in federal excise tax due to a 21% levy that applies to the pay of non-profit organizations’ most highly compensated employees, according to USA Today...