MEDIA ADVISORY
The final "Settlement and Release of Claims" between the University of Colorado and former football coach Gary Barnett has been signed and details of the agreement are being released today.
Following is an executive summary of the agreement. The "Settlement and Release of Claims" document is attached as a PDF file. Questions on the agreement are being taken by Barrie Hartman, interim spokesman, at (303) 492-8927 or (303) 818-7496 and by Mike Bohn, athletic director, at (303) 492-7930.
If the PDF file is not readable, please contact Jeannine Malmsbury at (303) 492-3115 or Sam Sandoe at (303) 492-6431.
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Executive Summary of Barnett Settlement Agreement
Date Final: On Feb. 1, 2006, the University completed an agreement that was finally executed at the close of the business day.
Payment: The University will pay Barnett Three Million Dollars ($3,000,000), subject to any applicable tax withholding, upon finalization of the agreement. The University will not comment on the amount of withholding, if any. The check request will originate with the Athletic Department.
Parties to the Agreement: Gary Barnett, individually, and the University Board of Regents.
Termination of Relationship: Barnett's employment with the University terminated at the end of business on Dec. 9, 2005 "as a result of the University's decision to make a coaching change." The Camp and Sponsorship Agreement between the University and High Hopes 95, Inc. (Barnett's private corporation that was contracted to run the football camps), terminated before June of 2005.
Admissions of liability: Barnett claims that the University breached the Employment Agreement; the University denied that claim; neither party admits anything with respect to liability for any claims.
Release: Barnett has provided the University with a full and complete release of any claims he has or may have against the University as of the date of the settlement agreement.
Other compensation: The agreement does not provide for any additional compensation, retirement or otherwise. Barnett and the University are each responsible for payment of their own attorney's fees.