The University of Colorado’s Board of Regents on Wednesday approved a $700,000-a-year base contract for new athletic director Rick George, making him the highest-paid administrator in CU history.
The five-year contract also promises bonuses if George hits performance goals that include fundraising, growing licensing revenue and having a strong showing of fans in the stands at football and basketball games — as well as the more typical bonuses that come with athletes performing well in both the classroom and on game days.
George’s contract was approved 8-0. Chairman Michael Carrigan, D-Denver, abstained, as he does on the majority of votes.
After CU forced out Mike Bohn in late May, chancellor Phil DiStefano said the university needed to hire an athletic director with a strong business background. Bohn received a $918,000 buyout package.
According to the contract made public Wednesday, George can earn up to $50,000 if he raises a total of $15 million before June 30, 2014. That incentive scale slides up annually. For example, if he raises $100 million by 2018, he can earn a bonus of $250,000.
Last year, under Bohn’s leadership, the athletic department raised $11.8 million. CU officials have said they want athletics to at least double the amount of money the department raises within the next five years, pushing it past the $20 million mark annually.
George also is eligible for a $50,000 bonus for generating licensing and sponsorship revenue in the first contract year of at least 1.5 times the amount that it was in fiscal year 2013.
He also can earn $50,000 if the average attendance at Folsom Stadium for football games in the first contract year is at least 50,000 people. If the average attendance of men’s basketball games at the Coors Events Center is at least 10,750 during the regular season, he earns $50,000. And if he increases average attendance at women’s home basketball games, he earns $50,000.
George, who previously worked at the school from 1987-91 as director of football operations under former coach Bill McCartney, will leave his post as president of business operations for the Texas Rangers to take the job at CU.
His first day at CU will be Aug. 12.
The new athletic director can earn bonuses for winning seasons — which, for example, includes a $25,000 bonus if the football team wins the Pac-12 South Division championship and a $200,000 bonus if the Buffs win the national championship.
CU will pay up to $35,000 in moving expenses, provide a courtesy car or $600 a month for automobile expenses, pay for a country club membership and provide 10 season tickets for football and basketball games, and a cellphone.
