K-State Fights "Secret Agreement" in Prince's Buyout


Kansas State University has decided to sue fomer coach Ron Prince over a “secret agreement” worth $3.2 million dollars in deferred compensation that was guaranteed to him in writing by recently fired athletic director Bob Krause. The money is scheduled to be paid out to Prince between 2015 and 2020.”This deal was apparently constructed as a further supplement to the buyout provision contained in Prince’s employment contract,” associate athletic director Jim Epps released in a statement. “I do not know why any additional supplement was justified, or why Bob Krause concealed this agreement from everyone until it was inadvertently discovered last week.”K-State alleges that Prince’s agent, Neil Cornrich, breathed his ethical duty by negotiating with Krause without university lawyers present.”After Jim Epps and I learned about the secret agreement, we spent several days explaining to Ron Prince and his agent why they should consider the agreement null and void,” university president Jon Wefald released in the statement. “That failed. We believe that this secret agreement made between Bob Krause and Ron Prince’s attorney is null and void and we will act accordingly.”Hmm, let’s see. Neil Cornrich, one of the super-agents in sports who represents big time coaches and NFL players didn’t agree to give back $3.2 million that he negotiated. Shocking. And he was acting unethically when he negotiated with the athletic director of a school that was extended the contract of his client? Very doubtful.I may not be a lawyer, but I’m struggling to find the issues with this one, other than the huge plate of whoop-ass Cornrich and Prince served the bumbling idiots that were running K-State athletics.Secret agreements? It wasn’t like this was written on a cocktail napkin. If you’ve got Neil Cornrich in the office of the athletic director and he’s negotiating a contract, you should probably make sure you’ve got someone in the room on your side that knows what he’s doing. It’s not Prince’s fault that the agreement only surfaced after the school got sued by another coach who was trying to get K-State to live up to the terms of its contract.I’m not sure if it’s just sour grapes that K-State is now going to spend $4.4 million to forget about Ron Prince, and won’t be able to do it until the year 2020, but I think everyone can learn a great lesson:Don’t hire a guy who looks like this to negotiate your contracts.