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Manning Buyout Negotiations Have Begun

i'm guessing advisors to our big donors are informing them it would be a bad look to be seen contributing millions to the buyout of a basketball coach while their companies are letting employees go at the same time. i don't blame them.
 
Ball State Deac said:
There’s probably an arbitration clause, so courts likely don’t come into play.
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What about the information we do know leads you to believe this was a competently drafted contract (at least from Wake's standpoint)?
 
Shorty said:
It wouldn’t bother you if Wake becomes known as an institution that doesn’t honor it’s contractual obligations?
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Not for one second. It would bother me a hell of a lot less than it bothers me that Danny Manning is still our basketball coach, that is for damn sure. Contracts are made to be broken, that is the sole reason why they exist and are written down.
 
2&2 Slider To Leyritz said:
Not for one second. It would bother me a hell of a lot less than it bothers me that Danny Manning is still our basketball coach, that is for damn sure. Contracts are made to be broken, that is the sole reason why they exist and are written down.
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OK. You have a different ethical perspective than I do. Agree to disagree on this one.
 
IAppreciateIt said:
i'm guessing advisors to our big donors are informing them it would be a bad look to be seen contributing millions to the buyout of a basketball coach while their companies are letting employees go at the same time. i don't blame them.
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How would anybody know? If Ph decides to use his personal fortune to pay Manning's buyout, Wake has not obligation to disclose where the money came from at any point in the short term. I don't think it would even need to show up in Wake's tax return.
 
DeaconSig said:
How would anybody know? If Ph decides to use his personal fortune to pay Manning's buyout, Wake has not obligation to disclose where the money came from at any point in the short term. I don't think it would even need to show up in Wake's tax return.
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it's a fair point -- but if i were in that position, i probably wouldn't risk it. not to mention the moral / ethical angle. not saying it's the best move, but just that i certainly would understand if big donors decided to pull funding (even if they still had the financial wherewithal).

ultimately if we can't get it done, i still would put it largely on currie (from my position of ignorance and limited information). i'd think a truly great AD would be able to rally the troops and put together the funds somehow.
 
Suppose that Mit offered $4mm of a $10 mm buyout. Currie goes to negotiate it down to that. DM argues for $12. In the meantime, all of the hotels in Mit’s portfolio have to close down and the market drops by 33%. You can’t see a scenario where MIT makes a call and says “John, I want to help. But as of now, I need to pull my money back. Work out what you can, and once I learn if my hotels are shut down for 3 weeks or 3 months, and once we are open again and generating cash, we can reopen this discussion. My employees and my family’s wealth are a lot more important to me than whether or not Wake loses 20 games next year.”

Is that incompetence from Currie? Or just bad timing and bad luck? Even if he had the other $6 in cash, he can’t do anything.

Right now, IF that scenario is true, he’s doing a few things: working DM, waiting on the world to get back to normal so he can get that money that Mit will hopefully still be able to put up, and he’s looking for new sources of funding.

Finally, I agree with whoever said the BOT isn’t going to sign off on handing anyone a $10 million check right now, unless it’s for the rights to the Coronavirus vaccine. So even if they approved it 2 months ago, they will have pulled that approval now. The optics of what happens to our basketball team 8 months from now is WAY down their list of interests. .
 
I believe everyone needs to take the Kubler-Ross acceptance approach (ie., DM is going nowhere) and move on with their lives one way or the other. Revenue sports for next year are uncertain at best, NCAA conference $$ inflow took a serious hit, and the market obviously has more than tanked due to COVID-19. Not surprising that everyone is battening down the financial hatches (nice play on words:dumb:) and ramping back discretionary spending on all fronts. Firing DM and hiring the best coach near simultaneously falls into this latter category. Furthermore, 2021 scholarship offers are going out and the staff is actively mining the transfer portal (ie., business as usual). There is no tangible evidence that any change will be occurring.
 
as a guy who gives rj a lot of shit, I agree that's awesome.
 
At this point, I would be happy if we just let Manning go and elevate Nestor to interim HC. Keep Nestor in place until virus concerns lessen and economy bounces back. We may not even have a season at this point. In the meantime, Currie needs to be developing a good relationship with Beilein and assure him the job is his, if he wants it, when things straighten out. As long as no other "big" jobs open up, we should have some time and flexibility.

We have to pay Manning one way or the other. Letting him go now should rally the fan base because Wake would obviously be moving in a different direction. I would think most fans would be understanding of naming Nestor the interim until things are resolved. This isn't going to drastically affect recruiting. Most recruits know that Manning is a "dead man walking" and will be gone next year at the latest. Just my .02 but I don't really see the downside to this in the short term.
 
deacswin said:
At this point, I would be happy if we just let Manning go and elevate Nestor to interim HC. Keep Nestor in place until virus concerns lessen and economy bounces back. We may not even have a season at this point. In the meantime, Currie needs to be developing a good relationship with Beilein and assure him the job is his, if he wants it, when things straighten out. As long as no other "big" jobs open up, we should have some time and flexibility.

We have to pay Manning one way or the other. Letting him go now should rally the fan base because Wake would obviously be moving in a different direction. I would think most fans would be understanding of naming Nestor the interim until things are resolved. This isn't going to drastically affect recruiting. Most recruits know that Manning is a "dead man walking" and will be gone next year at the latest. Just my .02 but I don't really see the downside to this in the short term.
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If we do that the whole team may transfer.
 
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