Report: Jimbo Fisher's Departure Comes with Unprecedented $77 Million Buyout
Texas A&M University will reportedly spend a staggering $77 million to buy out Jimbo Fisher's contract after relieving him of his head football coach position This record-breaking amount highlights the significant financial impact of his departure
Texas A&M University is expected to incur a cost of approximately $77 million to terminate Jimbo Fisher's contract as head football coach, making it the largest buyout in college football history. This information has been confirmed by multiple reports as well as the salary tracking website Spotrac.
CNN contacted Texas A&M regarding the specifics of the buyout agreement. Upon Fisher's initial appointment as head football coach at Texas A&M in 2017, the university stated that he had agreed to a decade-long contract valued at $75 million, clarifying that no "state-appropriated funds" would contribute to his salary.
During a news conference on Sunday evening, Ross Bjork, the director of athletics at Texas A&M, described the financial implications of firing the coach as "significant." Texas A&M had recently extended Fisher's contract for an additional four years until the 2031 season, with an annual salary exceeding $9 million.
According to Bjork, the details of the buyout provision in coach Fisher's contract will be resolved, as stated in the contract.
The transition costs will be funded solely by Texas A&M Athletics and an independent fundraising organization for the department.
Bjork stated that the 12th Man Foundation will utilize unrestricted contributions for the initial one-time payments, while the athletic department will cover the remaining portion through revenue growth and adjustments to the annual operating budget. It should be noted that this arrangement will solely involve funds from athletics and the 12th Man Foundation.
This season, the Aggies have a record of 6-4 overall and 4-3 in the Southeastern Conference, with two remaining games in the 2023 season. They will play at home against the Abilene Christian Wildcats on Saturday and on the road against the LSU Tigers on November 25.
The athletic director stated that although the timing is not ideal, he believes that a change in direction is necessary for the team.
"Our program is currently stagnant, and it is imperative that we establish a strong presence on the national stage. There seems to be a disconnect, a lack of progress, and as a result, we need to make a change in order for Aggie football to fully realize its true potential," stated Bjork during the press conference.
Fisher, who previously held the position of head coach at Florida State University for eight seasons, boasting a record of 45-25, was appointed as our head coach in December 2017. Under his guidance, the Seminoles achieved a national championship title.
