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January 2012, Sports Business
Schiano Owes Rutgers $800,000 as Liquidated Damages
Greg Schiano owes Rutgers University $800,000 after the coach’s decision to leave for the Tampa Bay Buccaneers of the National Football League. Schiano is obligated to pay a $500,000 buyout plus the $300,000 remaining on a home loan contained in his most recent contract in 2007.
Financial details of his contract with the Buccaneers weren’t disclosed by the team. The Newark Star-Ledger, citing an anonymous person familiar with the negotiations, said Schiano’s NFL deal is worth slightly more than $15 million.
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