Perkins to receive additional $750,000

Thursday, April 16, 2009

Lew Perkins’ will be eligible for a $2.05 million retention payment from Kansas Athletics Inc. on June 30, $750,000 more than his contract originally called for.

In an effort to keep Perkins at the University, Chancellor Robert Hemenway instituted a payment agreement with Perkins when he was hired in 2003. The original agreement called for a $1.3 million payment if Perkins stayed with the University through June 2009, a period of six years. But after Perkins rejected a job offer from an unnamed university in 2006, the agreement was amended to add $750,000 to make the retention payment $2.05 million.

University spokeswoman Lynn Bretz said the $2.05 million payment would come from Athletics Department funds and would be payable to Perkins in August.

Associate Athletics Director Jim Marchiony said Kansas Athletics Inc. had a revenue of roughly $52 million in 2008, which came from sources such as the NCAA, the Big 12 Conference, sponsorships and television contracts.

Marchiony said he thought there was interest in Perkins’ retention payment because it was so close to the payout date.

Hemenway said in 2004 that when Perkins was hired, they drafted two contracts, one outlining his annual salary and the other for contingent compensation if he stayed for six years with the University.

Bretz said the retention-payment agreement was a document in which universities and coaches mutually agreed to seek the best interests of the university and the athletics department.

“Retention bonuses are fairly normal in the sports world with prominent coaches and athletics directors,” Bretz said.

All state records show that the payment of the bonus would come from Kansas Athletics Inc. funds and not through state funds.

— — Edited by Andrew Wiebe

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