University of Michigan athletics director Warde Manuel will receive a lump-sum payment of more than $7 million as part of a buyout from the university, which spent $12 million investigating his department.
According to the settlement, obtained by The Detroit News, Manuel will be paid $7,143,346, minus tax withholding, within 21 days of the date of his resignation. He also will receive a retirement contribution of $108,000 and all retiree benefits, including health-plan coverage, as Michigan waived the service requirement of 20 years.
Manuel has spent 10 years at the helm of the Wolverines' athletics department. He will remain employed by Michigan until he “voluntarily resigns” Dec. 31, according to the “Settlement Agreement and Release of Claims."
In addition, Manuel has agreed to not be employed as an athletics director or senior athletics adviser for any Big Ten Conference school for two years from the date of his resignation. Michigan also will pay his $82,000 in attorney fees, and he will receive the typical benefits given to a former athletics director, including tickets and golf privileges.
As reported by Angelique Chengelis of The Detroit News, the university last week shared some of the recommendations made by Chicago law firm Jenner & Block, which Michigan hired shortly after football coach Sherrone Moore’s firing. There remains no written report on record. The university instead summarized the findings and recommendations in a question-and-answer format that was posted to the university's website, along with a video statement from university president Domenico Grasso.
Less than two years ago, Manuel signed a five-year contract extension worth about $2.4 million annually that was to take him through June 30, 2030, meaning he has roughly at least $9 million left on his contract in compensation, Chengelis reported.
