Texas A&M AD Ross Bjork details how school will pay Jimbo Fisher's $77.6 million buyout
Texas A&M's firing of football coach Jimbo Fisher comes with a catastrophically large $77.6 million buyout, obliterating Gus Malzahn's record $21.7 million when Auburn moved on from him in 2020.
It's the result of a 10-year, $95 million fully guaranteed deal Fisher signed in 2021 when the LSU coaching search got the rumor mill turning. Since then, Fisher was 19-15 (10-13 SEC) while Texas A&M continued to pour money into recruiting and name, image and likeness (NIL).
Texas A&M athletic director Ross Bjork held a news conference Sunday in which he addressed Fisher's firing, including the Aggies' plan to pay Fisher's buyout, which Bjork called "monumental."
"As the contract states, there is a buyout provision in Coach Fisher's contract and those details will be worked out," Bjork told the media. "Let me be very clear in this next part. Texas A&M athletics and the 12th Man Foundation will be the sole sources of the necessary funds covering these transition costs.
"There's really two categories. We will use unrestricted contributions within the 12th Man Foundation for the first one-time payments and the athletic department will fund the annual payments for the remaining portion by growing our revenues and adjusting our annual operating budget accordingly. This will only involve athletics and 12th Man Foundation funds.
"Although this is a major, major financial decision that comes with many consequences, we have a plan and we will not let this impact the performance or the culture of our entire athletics program."
REQUIRED READING: Texas A&M fires football coach Jimbo Fisher, triggering record $77 million buyout
What is Jimbo Fisher's buyout?
Fisher's buyout is $77.6 million, the greatest sum in college football history by more than $50 million.
The lump sum Bjork referred to in his statement is the 25% Fisher is owed within 60 days of his termination ($19.4 million by Jan. 11, 2024). From there, the other $58.2 million will be paid in annual payments through 2031, the end of the original contract.
What is the 12th Man Foundation?
The 12th Man Foundation, referring to the Aggies' famous nickname for their fans, is Texas A&M's lucrative donor organization.
Per the foundation's website, its mission is: "Funding scholarships, programs and facilities in support of championship athletics."
The 12th Man Foundation comes with deep pockets. It reported a net gain of $239.5 million in assets on its federal tax forms for the fiscal year ending June 30, 2022.
The 12th Man Foundation's extension, The 12th Man+ Fund, is one of the most active NIL collectives in the country. It is too early to tell if the Fisher buyout will slow Texas A&M's aggressive pursuit of name brand athletes.
This article originally appeared on Nashville Tennessean: Texas A&M AD Ross Bjork on how school will pay Jimbo Fisher buyout
