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Tuesday, May 10, 2011

Ron Prince happy with settlement



May 10, 2011

MANHATTAN, Kan. -- Former Kansas State football coach Ron Prince says he is satisfied with a settlement reached with the school that calls for him to receive $1.65 million.

Announced on Friday, the settlement also absolves Prince of any wrongdoing in a dispute over a memorandum of agreement that Kansas State had contended was signed without the knowledge of then-president Jon Wefald.

After Prince was fired at the end of the 2008 season, the school said it accidentally discovered the agreement signed by Prince and then-athletic director Robert Krause. Under that pact, Prince was supposedly owed $3.2 million by Kansas State and the Intercollegiate Athletic Council in addition to a severance payment of about $1.3 million.

Under terms of the original agreement, he was not to receive any portion of the money for almost five more years, and the full amount would not have been paid until the end of 2020.

Neil Cornrich, Prince's agent, said the settlement -- at its present value of $1.65 million -- "essentially represents an agreement by KSU and IAC to pay Coach Prince almost the entire $3.2 million termination payment. Coach Prince will receive these funds upfront and almost nine years earlier than they were originally due, providing a significant financial advantage over the deferred payments."

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