Pernetti Gets $1 Million Payout [VIDEO]
Tim Pernetti will receive a $1.2 million payout from Rutgers University as part of the terms of his contract in the wake of yesterday’s resignation.
The Star Ledger reports that Pernetti’s signed a buyout package that includes
- His full salary annutized at $453,000 through June 2014
- Lump-sum payment equivalent to another year and a half of salary.
- Bonuses based on the academic progress of students, financial goals and competitive success of any of the school’s revenue sports.
- $12,000 annual automobile stipend
- Health and pension benefits through October 2015.
- Ipad and laptop
Pernetti resigned on Friday following the release of video showing men’s basketball coach Mike Rice throwing basketballs at his players and showing obscenities and gay slurs during various practices in footage supplied by former Director of Player Development Eric Murdock.
Rice received a $100,000 bonus when he was fired on Wednesday.
Doing What’s Best For Rutgers
Wearing a blue jacket with a Rutgers red “R” in the lapel, Pernetti briefly spoke to reporters outside his Oakland home, “It’s a really sad day for a lot of people, including me and my family,” Pernetti said. “I always have and I always will, no matter what, want what’s best for Rutgers.”
His wife told reporters gathered at the bottom of their driveway that Rutgers was losing “the best athletic director they’ll ever have.”