Texas Tech football will not be looking for a new captain for their ship as Tech head football coach Mike Leach and Texas Tech agree to a five-year $12.7 million deal.
The new contract was worked out today between Leach and Tech Chancellor Kent Hance, keeping Leach at Tech until 2013.
In earlier negotiations both sides agreed on the $12.7 million, but there were four points of contention that Leach and his agents did not agree. However, those were resolved in the new contract.
Leach does not need permission, but must notify Hance and Athletic Director Gerald Meyers about interviewing at another school.
There is no buyout if Leach chooses to leave Tech. Hance said in a news conference, Leach wants to be at Tech longer than five years and if he wants to leave he can.
If Tech fires Leach, Leach is guaranteed $2 million, about 16 percent of his new contract.
Leach will still have some of his rights to his likeness and name. Tech wants some of his rights so they can sell merchandise that would make both sides money.
Leach, Hance, and Meyers held a news conference at United Spirit Arena to discuss the new contract. Meyers emphasized to the media, he wanted Leach to be the coach throughout the negotiation process.
Hance said the Board of Regents meeting scheduled for tomorrow was called off. After the deadline passed on Tuesday, a special meeting was called to discuss the position of head coach.
Leach, Hance, and Meyers all expressed excitement for the upcoming football season.
In nine seasons at Tech, Leach is 76-39 and 5-4 in bowl games. Last season, Tech tied their record for most wins in a season, going 11-2. Leach only needs six wins to tie Spike Dykes for most wins as Tech’s coach.