Donovan signs new multi-year contract
Billy Donovan signed a multi-year contract on Friday, 16 months after he backed out of an agreement to coach the Orlando Magic and decided he wanted to remain with the Gators.
The contract has been on the table since last year, but Donovan had yet to sign. Despite speculation about the delay, both Donovan and Florida athletic director Jeremy Foley insisted there was no set timetable to sign, and that both sides were amenable to the contract.
Neither Foley nor Donovan were available for comment Friday.
Donovan, who is 285-115 and entering his 13th season with the Gators, has five years remaining on the contract, with an option for a sixth year, according to a copy obtained by The Times Friday evening.
He is set to earn a total compensation package that ranges from $3.3 million this season to $3.77 million in 2012-13. Donovan’s base salary during those years ranges from $195,000 this season to $215,000 in 2012-13. His incentives range from $50,000 for winning the SEC championship to $150,00 for winning a national title.
If Donovan decides to leave before the end of the contract, it will up to $500,000, but if he’s fired, he will receive $2.5 million for every year remaining on the contract. Donovan is also prohibited from exploring other employment options with any other university or professional team without written permission of the UF athletic director.
The contract also includes longevity incentives for approximately $450,000 over the length of the contract and compensation for speaking engagements, radio, television and website, and camps and promotional appearances that range from $2.49 million this season to $2.67 million in the final year of the contract.