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Schiano Owes Rutgers $800,000

Posted By 1080 The Team On January 30, 2012 @ 9:17 AM In NFL | No Comments

Greg Schiano, who left Rutgers for the NFL’s Tampa Bay Buccaneers on Thursday, owes the school $800,000 in buyout and loan payments, Bloomberg News reported Friday.

Schiano owes Rutgers a $500,000 contract buyout, in addition to $300,000 remaining on a home loan arranged in his most recent contract, school athletics spokesman Jason Baum said, according to the report.

The $800,000 home loan was forgiven at a rate of $100,000 for every year Schiano stayed with the team.

Rutgers paid Schiano about $2.3 million per year on a contract running through 2016, in addition to performance and academic performance bonuses and a side deal that paid him $250,000 through a sports marketing firm.

Source: ESPN [1]


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[1] Source: ESPN: http://espn.go.com/college-football/story/_/id/7511806/greg-schiano-owes-rutgers-scarlet-knights-800000-accoridng-report

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