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.
Will Pantages, a senior associate athletics director for communications, provided a statement to the Journal about the report after a request for comment from John Currie, the athletics director who was hired in 2019 and who ultimately fired Manning the next year.
Pentages wrote in an email that Wake Forest would not be commenting any further on Manning, who is currently the associate head coach at Louisville.
“The compensation of Daniel R. Manning, former basketball coach, shown in Schedule J, Part II, Column Biii, reflects a payment that was included in his 2021 Form W-2 in full satisfaction of all obligations under his contract of employment as men’s head basketball coach of Wake Forest University,” Pentages said. “As a matter of university personnel policy, we will not share further details.”...
...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...