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Steve Alford will pay New Mexico $300,000 and forgo bonuses ending feud over departure

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Steve Alford (Getty Images)

New Mexico and Steve Alford have reached a deal on a separation agreement.

Alford and UCLA will pay $300,000 to New Mexico to satisfy a buyout clause in his contract with his former employer. New Mexico had initially demanded a $1 million buyout when Alford was hired by UCLA in late-March.

Alford left New Mexico on March 30 just 12 days after agreeing to a new contract with New Mexico that was scheduled to take effect on April 1. Alford maintained that he was not responsible for the $1 million buyout in that new deal because he was hired by UCLA before it went into effect.

New Mexico argued that because Alford didn't provide 30 days notice of his departure as required by both his contracts at New Mexico, he was responsible for the $1 million.

New Mexico reported Friday a $625,000 net benefit to the school in its separation with Alford. That figure includes bonuses that Alford had previously agreed to forgo.

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