Buyout of Coach Billy Gillispie’s Contract

The University of Kentucky has stated that Billy Gillispie will not receive the expected $6 million dollar buyout that the memorandum stated he would receive if he was fired from the head coaching job at Kentucky.  No official contract was ever signed by Gillispie even though it was expected to get signed about 2 months after the memorandum was set in place.  Billy Gillispie opted to never sign the official contract, but legal sources say that as long as the memorandum has dates, names, and signatures, it can be conceived as a perfectly legal document if UK and Gillispie took this to court.

UK is expected to attempt to settle with Gillispie and stated that they plan to offer a fair buyout proposal to Coach Billy Gillispie, but it will not be the expected $6 million dollars.  More to come later on this developing situation.

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