BOULDER, Colo. - The University of Colorado gave basketball coaches Tad Boyle and Linda Lappe raises, in spite of being forced to cut 10 percent from their budget.
Each program in Colorado’s athletic department was asked to cut 10 percent of its discretionary costs to help make up for a $7.5 million shortfall this year, interim athletic director Ceal Barry said Wednesday.
Boyle and Lappe were making $165,830 in base salary and both received raises to $170,805. Boyle’s net gain increased to around $700,000 annually, boosting his overall salary to $1,490,020 per year, according to Buffzone.com.
The Board Of Regents approved the contract extensions of both coaches through April 2018, the website reported.
“The basic issue here is paying our coach a basic salary that forms an incentive for him to stay at Colorado rather than structuring incentives to achieve that end," CU spokesman Bronson Hilliard told Buffzone.com.
"We believe this is an important investment in our program and in a coach that we believe is one of the best in all of college basketball, Hilliard continued."
Coach Boyle must pay $500,000 to CU if he leaves for another coaching job through April 30, 2015. If he leaves after that sate before April 30, 2017, he would owe CU $250,000. And if he leaves before the final year of his contract expires, then he owes CU $100,000.
Both basketball teams made it to the NCAA Tournament last season. The Men’s team lost to Illinois 57-49 in the 2nd round and the women’s team lost to Kansas 67-52 in the first round.
Read more on the story at the Denver Post.com