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Manning Buyout Negotiations Have Begun

Not sure if this has been shared here yet, but apparently there is a hiring freeze currently over at Wake connected to the current crisis. Perhaps that is contributing to the delay? I am not sure, but I did hear that earlier today and it could explain things a tad.
 
DeacsATS said:
They asked if he knew anything about the future of Manning and his staff at Wake Forest... Childress says he hasn't heard anything. Doesn't worry about it because it is beyond his control.

He actually answered it well... Didn't duck the question and didn't sound annoyed by getting the question.
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What he stated is likely the truth. In the past, basketball staff was 100% out of the loop and they weren’t informed of firings/hirings until after the deal was done. The Bz staff kept working and recruiting for a while after Manning was hired.
 
Deacs9394 said:
Not sure if this has been shared here yet, but apparently there is a hiring freeze currently over at Wake connected to the current crisis. Perhaps that is contributing to the delay? I am not sure, but I did hear that earlier today and it could explain things a tad.
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Hiring freeze is not a firing freeze.
 
loyal2afault said:
Wonder if they are not acutally negotiating a buy out, but rather renegotiating the steaming pile of Wellman's contract into a version more palatable to Wake (ie., heavily loaded with performance incentives that Manning to date hasn't been close enough to even sniff at).

That said, Manning is very experienced about contract negotiations from his NBA days, and probably much more so than the Wake legal team
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If the decision to can his ass had been made a long time ago as it should have been there is zero reason for that not to have been announced by now. So .... does this mean no decision has been made and all options are currently being explored, including retention?
 
deacfan78 said:
Hiring freeze is not a firing freeze.
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True. Just saying that perhaps Currie is negotiating with a replacement while also negotiating the buyout? And if there is a hiring freeze, how long might it be until a replacement can be hired? And does this apply to a job like bball coach? Or is that exempt from the hiring freeze? I have no idea...just thinking that it could explain the delay.
 
Considering the Dow drop yesterday was the worst in history, Currie's funds to buy out Manning may have evaporated.
 
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Deacs9394 said:
True. Just saying that perhaps Currie is negotiating with a replacement while also negotiating the buyout? And if there is a hiring freeze, how long might it be until a replacement can be hired? And does this apply to a job like bball coach? Or is that exempt from the hiring freeze? I have no idea...just thinking that it could explain the delay.
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I think the hiring freezes work in a way that no new or currently open positions will be hired, but if someone currently employed leaves or is let go their position can be hired. Could be wrong on that though.
 
deacfan78 said:
Hiring freeze is not a firing freeze.
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Yes. And to this point, there a many different ways that hiring freezes can be structured. Yes, a hiring freeze can mean no hiring period. It can also mean only currently existing positions can be filled or that all hiring decisions need to be approved by the BoT.
 
Deaconblue said:
Considering the Dow drop yesterday was the worst in history, Currie's funds to buy out Manning may have evaporated.
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I would think the buyout money was already in hand several weeks to a month or so ago. Can't imagine Wake asking for the buy out money after negotiations. Should have gotten all of it up front and if magically you can negotiate less, you give that money back to whomever funded it. Just guessing here.
 
I am still optimistic. I would not underestimate Hatch and the Board thinking that announcing a firing right now looks bad in the face of the Coronavirus issues. Whether it makes sense or not, , I can see Wake thinking that way.
 
TexasDeac1 said:
I am still optimistic. I would not underestimate Hatch and the Board thinking that announcing a firing right now looks bad in the face of the Coronavirus issues. Whether it makes sense or not, , I can see Wake thinking that way.
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Coronavirus issues are almost definitely not going to get better for at least a month, and that's incredibly optimistic
 
I can definitely see Wake admin saying "let's just hang tight on this, there are more important things going on than who tells our kids how to put the little orange ball in the little orange hoop right now."

I would also guess that corporate relations/public relations would say "uh, yeah, not the time to try and mingle 'Pro Humanitate' with a giant buyout and hiring a new coach for basketball purposes."
 
We have a hiring freeze at my company right now. It means pretty much nothing. When they announced the policy the other day, it was made clear that there will be exceptions.

This is not going to change anything w/ Manning or bringing in a new coach.
 
WhatUTalkinBout Willis said:
I can definitely see Wake admin saying "let's just hang tight on this, there are more important things going on than who tells our kids how to put the little orange ball in the little orange hoop right now."

I would also guess that corporate relations/public relations would say "uh, yeah, not the time to try and mingle 'Pro Humanitate' with a giant buyout and hiring a new coach for basketball purposes."
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EVERY college/university in the country is hunkered down with the financial folks who manage their Endowment portfolios. Most endowments are diversified among several domestic and global sectors from equities, bonds, real estate AND selected hedge funds.

I shouldn't have to inform anyone here that most endowments have been wacked quickly over the past 30 days and likely will be slow to recover in a recession....

So that's my guess where Wake's eyes are and regrettably Danny has rapidly gone down the list of priorities.
 
deacswin said:
Well, if they aren't going to announce anything, I would hope the media would start asking more questions and publicly call them out. If Currie and the Wake administration are hoping this will just go away and people are distracted enough not to care then they are sadly mistaken. If anything, we have more time on our hands to stew and wonder.
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Why would the media ask questions? Dozens of readers/listeners care.
 
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