Kansas State Set to Fight 'Secret Deal' Payments to Former Coach Prince
In addition to a five-year contract extension in August 2008 that paid Prince $1.1 million annually, the two apparently brokered a $3.2 million deal that would be broken up in payments between 2015 and 2020 that no one else in the athletic administration or anywhere else on campus knew about. Prince was forced to resign a few months later. Under the official contract, Prince is owed a $1.2 million buyout. That figure could jump to $4.4 million if Kansas State is forced to pay the secret contract between Prince and Krause.
The school has filed suit to fight the $3.2 million payment.
"This deal was apparently constructed as a further supplement to the buyout provision contained in Prince's employment contract," associate athletic director Jim Epps said through a statement released by the university on Wednesday. "I do not know why any additional supplement was justified, or why Bob Krause concealed this agreement from everyone until it was inadvertently discovered last week."
Krause was reassigned in March as the director of the Kansas State Olathe Innovative Campus. He has since resigned. K-State president Jon Wefald, who is set to step down next month, said in a statement released Wednesday that he first learned of the secret deal May 11. He obviously believes the deal should be invalidated because Prince and his attorney worked around university attorneys to get the secret agreement done.
"After Jim Epps and I learned about the secret agreement, we spent several days explaining to Ron Prince and his agent why they should consider the agreement was null and void," Wefald said via a statement. "That failed. We believe that this secret agreement made between Bob Krause and Ron Prince's attorney is null and void and we will act accordingly."
Kansas State introduced John Currie as its new athletic director on Monday.