Rutgers announced Thursday night that the university reached an agreement on a $475,000 settlement with fired men's basketball coach Mike Rice.
The payment covers the remaining two years on his contract. According to ESPN, Rice was to make a little more than $1 million for the next two years at 75 percent of his contract amount, and $100,000 for completing the 2012-13 season as coach.
Rice was fired on April 3 after video showed him kicking and hitting players, throwing balls at them and uttering racial slurs during practices. He had held the Rutgers job for three years.
"Tonight's agreement is in the best interests of the university, and I am pleased this issue has been resolved," president Robert Barchi said in a statement.
Earlier in the day, Barchi vowed before the New Jersey Assembly not to approve an exorbitant payout for Rice.
"My personal position is that the university was damaged by his actions," Barchi said.
Barchi also said severance payments between $420,000 and $1.2 million were approved for two other school officials, presumably athletic director Tim Pernetti, who resigned in the fallout of the Rice investigation for not acting sooner when presented with the information, and university lawyer John Wolf, who also stepped down.