Jurich reaches multi-million dollar settlement with UofL

LOUISVILLE, KY (WAVE) – The University of Louisville Board of Trustees and the UofL Athletic Association Board of Directors have reached a settlement with former athletic director Tom Jurich.

The $7.1 million settlement was approved during an executive session Friday.

Jurich will first receive a one-time payment of $4.5 million from the University. He will have to pay taxes on that.

In addition to the $4.5 million from the university, the settlement also states Jurich will receive an annual $220,000 starting on July 26, 2018 through 2025. This totals out to $7.1 million.

Jurich's personnel file will reflect that his employment with the university ended "without cause" as a result of his resignation.

He will still receive employment benefits from the university. Jurich and his wife will remain on the university's healthcare until they are on Medicare.

>> Complete Coverage: College Basketball Bribery Scandal

For the next 20 years, Jurich and/or family members will also have eight club level tickets and two priority parking passes for UofL football and men's basketball games.

"Another distraction out there that we're able to remove," UofL athletic director Vince Tyra said. "As we start getting into thinking about the positives, the more -- other issues that go by the wayside is beneficial to us in anything we're doing, whether its fundraising or recruitment."

"Absolutely the best thing," UofL Athletic Association board member Bill Stone said. "We need to have peace between all parties. Tom is a great figure in UofL history. This is great institution. I remind everybody the oldest municipal institution in the United States with great academic credentials and it's time this gets behind us."

A joint statement from Jurich and UofL was released Friday morning:

Jurich was terminated from his position in October 2017.

University leadership hopes now that an agreement has been reached, everyone can move forward.

"Hiring Chris Mack and certainly all the other positives going on, President Neeli being here, those things are important to the fans as much as what's occurred today," Tyra said.

All outstanding issues between the University and Jurich have been resolved with the settlement.

Copyright 2018 WAVE 3 News. All rights reserved.