The UM System Board of Curators has agreed to pay recently resigned MU men’s basketball coach Quin Snyder $574,000 as part of a settlement package, Snyder’s lawyer confirmed Monday.
As of Monday night, the university had not officially released the figures for the settlement, which was reportedly agreed upon Sunday morning during a meeting attended by Athletic Director Mike Alden, UM System President Elson Floyd and MU Chancellor Brady Deaton.
But Wally Bley, the Columbia lawyer representing Snyder, confirmed the amount of the settlement Monday, saying he expects it to be signed and completed sometime today.
Snyder had been scheduled to hold a press conference Sunday night to discuss his departure from the men’s basketball program, but the conference was canceled because his agreement with the university had not been signed.
Under the terms of his contract, which runs through April 2008, Snyder was to receive a base salary of $195,000 a year, in addition to payments from athletic apparel manufacturers and for broadcasting appearances and work at summer basketball camps. Bley declined to comment on the details of the agreement but acknowledged that a third party is examining the settlement. He declined to identify the third party.
“When we get our agreement signed and in place, then we’ll make a statement,” Bley said. “But we haven’t even been given a copy of the agreement.”
Until that happens, Bley said Snyder would not comment on the situation.
News of the settlement amount came four days after Snyder met with his players to inform them that he would no longer be MU’s coach. The decision came on the heels of the team’s sixth straight loss, a 90-64 loss to Baylor on Feb. 8, representing the worst losing streak in Snyder’s nearly seven-year tenure.
Since qualifying for the Elite Eight in 2003, Missouri has gone 42-42 under Snyder.