Texas Tech to pay Mark Adams more than $4 million, forms coach search committee
LUBBOCK, Texas (KCBD) - Mark Adams will receive more than $4 million to step away from coaching his alma mater’s basketball program.
KCBD has obtained the release and settlement agreement between Adams and Texas Tech University through an open records request.
It shows Tech will pay Adams $3.9 million, plus an already-earned retention bonus of $200,000. He will also receive some end-of-year bonuses for academic performance.
Had Tech fired Adams without cause, the university would have owed him roughly $7.5 million.
The agreement settles any claims and causes of actions each side has against the other. Tech will pay Adams within the next 30 days. The document also states it is not an admission of wrongdoing by either side.
Adams resigned as head coach Wednesday night after the Red Raiders lost in the opening round of the Big 12 Tournament. Tech suspended Adams on Sunday for what the university described as a racially insensitive comment he made to a player.
KCBD also learned Friday that Tech has appointed an internal search committee and hired search firm, Turnkey, to assist in the recruiting and hiring of a new coach.
The internal committee includes Texas Tech Athletics Director Kirby Hocutt, regent Dusty Womble, Head football coach Joey McGuire and former Red Raider basketball player Norense Odiase.
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