Rutgers Gives Mike Rice $475,000 Settlement

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Mitchell Layton/Getty Images(TRENTON, N.J.) —  Rutgers University has reached a settlement agreement with former men’s basketball coach Mike Rice, agreeing to pay him $475,000 for the remaining two-years on his contract, according to University officials.

Rice was fired by the university on April 3 after he was caught on video hitting, kicking, and taunting his players during practices.

“Tonight’s agreement is in the best interests of the university, and I am pleased this issue has been resolved,” president Robert Barchi said in a statement.

Rutgers owed Rice a little more than $1 million for the next two years at 75 percent of his contract amount, plus an additional $100,000 for completing the 2012-13 season as the head coach.

The school has reached an agreement with Los Angeles Lakers assistant Eddie Jordan to take over as the new head coach, according to sources.  No deal has officially been announced.

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