When Michigan State extended the second-largest contract in college football at time to Mel Tucker back in Nov. 21, the 10-year, $95 million contract was seen as relatively risk free for the university, since donors were covering most of the bill. Here's the Detroit News from Nov. 17, 2021:
Private funding will be responsible for the bulk of the contract with United Wholesale Mortgage president and CEO Mat Ishbia at the forefront of the push to secure a new contract for Tucker, along with longtime donor and CEO of Shift Digital, Steve St. Andre.
Tucker and the Spartans were 9-1 and ranked in the top 10 at the time. And if donors were carrying "the bulk" of the freight, why not do the deal?
Turns out, not so much.
Documents released Thursday show Ishbia and Andre agreed to donate "only" $24 million, leaving Michigan State to cover the remaining $71 million. Ishbia agreed to pay $14 million over 10 installments, while Andre will cover $10 million over six payments.
The figures came to light after a Michigan Court of Claims judge ruled the school had 10 days to produce documentation of Ishbia and Andre's donations as part of the state's public-records law.
For what it's worth, Ishbia disclosed his $14 million donation in an interview for HBO's Real Sports with Bryant Gumbel. He has previously donated $32 million to the athletics department.
A guard on Michigan State's 2000 national champion basketball team, Ishbia is now the president and CEO of United Wholesale Mortgage and worth a reported $5.18 billion. He has been in the news this week for a $4 billion purchase of the Phoenix Suns, the largest on record in the NBA.
On their end, Michigan State should have no trouble covering the remainder of Tucker's contract. The Big Ten signed TV deals worth $8 billion earlier this year.
After an 11-2 showing, a Peach Bowl victory and a No. 9 final AP ranking in 2021, Tucker's Spartans regressed to 5-7 this fall.
As always, stay tuned to The Scoop for the latest.