Texas Tech reaches settlement with former men's basketball coach Mark Adams
Texas Tech has agreed to pay former Red Raiders basketball coach Mark Adams $3.9 million, less taxes and withholdings, plus a $200,000 retention bonus in a legal settlement the two sides reached this week leading up to Adams' resignation.
Tech agreed to pay the settlement within 30 days. It also stipulated that Adams will receive any bonuses he earned this year, which could include ones for the team's academic performance.
Had Tech sought to fire Adams without cause, the buyout amount on his contract would have been about $7.5 million.
Tech provided a copy of the agreement to the Avalanche-Journal on Friday in response to an open records request.
The 66-year-old coach's resignation was announced Wednesday night, shortly after the Red Raiders' season ended with a first-round loss to West Virginia in the Big 12 tournament. Texas Tech suspended Adams on Sunday, alleging he made "an inappropriate, unacceptable, and racially insensitive comment last week" toward a player.
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Tech finished 16-16 and 5-13 in the Big 12.
After the Red Raiders reached the Sweet 16 of last year's NCAA Tournament, Tech gave Adams a raise and a one-year extension that took his contract through the 2027 season. The buyout to fire him without cause would have been 60 percent of the remaining value.
Tech agreed to honor the retention bonus which, according to the contract, was payable if he remained the Red Raiders' coach on May 1.
As part of the agreement, Adams and Tech agreed not to pursue any action against each other in the future.
"Adams hereby agrees to the release of any and all claims against TTU and Texas Tech University System and their employees, appointees, regents and representatives relating to his employment, whether known or unknown, as of the date of this Agreement and TTU agrees to release any and all claims against Adams," the settlement reads.
Both sides also agreed to hold each other blameless.
"This Agreement is not, and shall not in any way be construed, as an admission by the Parties of wrongdoing whatsoever against each other or that the Parties violated any federal, state or local law, which both Parties deny," it said.
Adams was promoted to head coach after Chris Beard resigned on April 1, 2021, to become head coach at Texas. The Red Raiders were 27-10 last season under Adams, including 18-0 at home.
This article originally appeared on Lubbock Avalanche-Journal: Texas Tech, former coach Mark Adams agree to settlement
