Izzo Contract Concept Extended
Oct. 8, 2004
EAST LANSING, Mich. - Michigan State University announced today an extension of concept of men's basketball head coach Tom Izzo's contract. Under the contract, the length and total compensation of the contract remain the same.
The contract remains a seven-year roll over deal with a base salary of $320,000 and supplemental income of $1,010,000. Additional compensation in the amount of $300,000, which was deferred under the previous contract, becomes current compensation in the new agreement. Remaining in the contract is a performance bonus of 30 percent of the base salary if the Spartans reach the NCAA Final Four. The base salary and supplemental income will be adjusted each July based on the national Consumers Price Index.
As laid out in the previous contract, Izzo receives at the end of the 2005-06 season the value of $3.4 million invested in 2001, so long as he remains the head coach. Under the new terms and beginning with the 2006-07 season, Izzo will receive an additional $1 million at the end of each season through the 2009-10 season, as long as he remains the Spartan head coach.
"I am ecstatic that the University feels confident that the program has maintained high standards and is heading in the direction of pursuing more championships," said Izzo. "I look forward to maintaining the continuity that has made not just this program, but all programs successful. I've enjoyed an incredible relationship with the Board of Trustees, Peter McPherson, LouAnna Simon and Ron Mason. I understand what is expected of me and my program, and they understand what is required to maintain championship standards. I can't think of anywhere in the country where the relationship is as good or appreciated."
About to start his 10th season, Izzo has compiled a career record of 207-90. He has led the Spartan basketball program to the 2000 NCAA National Championship, three straight Final Fours, four straight Big Ten Championships and two Big Ten Tournament titles. A three-time national coach of the year honoree, Izzo has led MSU to seven consecutive trips to the NCAA Tournament, the longest active streak among Big Ten schools. Izzo also understands the importance of academics at Michigan State University and in the life of the student-athletes. Since 2000, 14 players have received their undergraduate degrees.
"Tom is one of the top proven coaches in the country and we are excited to extend his contract," said MSU Director of Athletics Ron Mason. "It is really important to maintain the continuity as an elite basketball in the country. Tom is more than just a basketball coach; he has become an ambassador to the athletic programs here at MSU. His tireless work ethic, national visibility and honorable reputation are a representation of not only the basketball program, but the entire athletic department and university."
"Tom Izzo brought value and values to MSU," said MSU president Peter McPherson. "We are all very proud of Tom and his program."
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