Former University of Louisville men’s basketball head coach, Kenny Payne, recently reached a buyout agreement with the U of L Athletic Association (ULAA), which will result in Payne receiving a severance amount of £7,250,000. The 57-year-old coach’s employment was effectively terminated without cause, and the agreement states that he will receive payments until March 31, 2027, with the payments beginning on April 1, 2022.
Originally, Payne’s contract outlined a severance benefit plan starting at £10 million, but the recent agreement has reduced this amount to £7,250,000. In addition to the payments, ULAA will cover the cost of health insurance for Payne and his eligible dependents until June 30, 2025.
Louisville’s athletics director, Josh Heird, informed Payne on March 13 that he would not be returning for a third year. Payne left the team with an overall record of 12-52, and U of L suffered its first back-to-back 20-loss seasons in program history under his direction. The declining average ticket attendance and projected ticket revenue shortfall were contributing factors to the decision.
Despite the challenges, Payne remained committed to the team’s rebuilding process, stating that he gave his all to help the program. Following his departure, Louisville hired Pat Kelsey as his successor. Kelsey, a 48-year-old with 12 years of head-coaching experience, is set to earn an annual base salary of £2,300,000 through March 15, 2029.
The departure of Kenny Payne marks a significant transition for Louisville’s basketball program, and the future of the team will be closely watched by fans and the basketball community as they move forward under new leadership.
For further information, you can contact Louisville men’s basketball reporter, Brooks Holton at [email protected] and follow him on Twitter at @brooksHolton.