Cablevision, the parent company of the New York Knicks, has disclosed the terms of its previously confidential settment with ex-coach Larry Brown. Brown, who had filed a claim for $53 million ($41 million due under the contract and an additional $12 million in damages), accepted an offer of $18.5 million. While this is less than half of what he claimed he was due, it is still a nice chunk of change for doing no work.
You can read the entire 10Q at the SEC's EDGAR database here, although the only relevant paragraph is:
On June 22, 2006, the New York Knicks, a division of Madison Square Garden, L.P., notified the then-head coach of the Knicks, Larry Brown, that his employment had been terminated with cause pursuant to his employment agreement with the Knicks. Mr. Brown disputed the Knicks’ right to terminate his employment with cause and the matter was referred to the Commissioner of the National Basketball Association (“NBA”), who had the authority under the agreement to resolve all disputes. On October 30, 2006, the parties reached a settlement of this matter under which the Knicks agreed to pay Mr. Brown $18,500 of the disputed amount in connection with his employment agreement, which amount has been accrued for in the accompanying financial statements as of September 30, 2006.All dollar amounts are listed in "thousands of dollars," so you have to add three zeroes to the figure listed. You know that writing this paragraph was the highlight of some securities lawyer's week.
For previous Sports Law Blog writing on this dispute, see:
Letter to Mr. Stern: Larry Brown's Award Should be All or Nothing (September 30)HT to UT Law 3L and Sports Law Association Prez Justin Stone for calling this news to my attention.
Larry Brown is Grieving (June 29)
Is There a Disney Case Against Cablevision Over the Larry Brown Contract? (May 16)
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