New Mexico gives Steve Alford until April 29 to pay $1M buyout
The University of New Mexico is giving former head coach Steve Alford until the end of April to pay a $1 million buyout.
Alford announced last Saturday that he would be leaving the Lobos to take the head coaching job at UCLA.
Alford had just agreed to a new 10-year contract with New Mexico that would have been worth some $2 million a year. Under the new agreement, if Alford took another job prior to April 1, 2015, he or his new employer would owe UNM $1 million.
UCLA officials said earlier this week that Alford is responsible for the buyout, but that UCLA would work out the details.
New Mexico spelled out the terms of the buyout in a letter sent to Alford on Wednesday. The letter was obtained by the Albuquerque Journal.