Gillispie and UK settle on "memorandum of understanding"

Although he doesn’t have a formal contract with UK, coach Billy Gillispie does have a “memorandum of understanding” with the university and athletics director Mitch Barnhart. Apparently, that’s good enough for both parties.

Barnhart told 27 SportsFirst’s Drew Deener there “will be no other documents to sign. This is a contract, minus the legalese.”
A formal contract has been the topic of conversation among fans and some media outlets.

“We’re done,” Barnhart said, in reference to any formal paperwork.
The “memorandum of understanding” has both Gillispie’s and Barnhart’s signatures, and according to UK, is totally enforceable in a court of law.
Gillispie’s agreement with UK calls for a total compensation package of $2.3 million, which includes broadcast fees and endorsements. The coach also will receive a raise of $75,000 a year and could earn an additional $850,000 in annual bonuses if Gillispie meets certain academic and athletic goals.