Les Miles New Contract Will Go Before Board of Supervisors For Approval
After the Arkansas Razorbacks football program took a run at getting current LSU football head coach Les Miles, the LSU athletic program stepped up with a new contract to keep Miles in Baton Rouge for at least seven more years.
Now it is being reported that the amended contract will have to be presented to the Board of Supervisors for approval because the new contract contains a salary increase for miles from 3.751 million a year to 4.3 million per year plus other incentives.
LSUsports.net is reporting:
An amendment that would extend the contract of LSU head football coach Les Miles and increase his annual compensation will be presented to the LSU Board of Supervisors on February 1, it was announced Thursday by Joe Alleva, Vice Chancellor and Director of Athletics.
Miles will receive annual compensation of $4.3 million per year for seven years under the terms of the new contract amendment, an adjustment to Miles' existing contract that pays him $3.751 million annually and was due to expire in December of 2017.
The new amendment was agreed upon in principle in December. The amendment would be effective on January 1, 2013 and extend to December 31, 2019.
Miles' annual compensation includes base salary and other compensation such as Tiger Athletic Foundation, radio, television, internet and public speaking payments.
Additionally in the proposed new amendment, LSU will pay $150,000 each year of the agreement into an account owned and controlled by LSU. Miles can collect the funds in the account totaling $750,000 after serving the first five years of the contract. He can collect the final $300,000 in the account if he serves the final two years of the contract.
I see no problems where the Board of Supervisors will not approve it and this contract should keep Les Miles In Baton Rouge for at least another seven years and at the helm of one of the top 10 college football programs in the country.