FAYETTEVILLE — Bret Bielema, the former 2013-2017 Arkansas Razorbacks head football coach recently become University of Illinois head coach, and the Razorback Foundation have reached an accord regarding Bielema’s disputed UA contract buyout.
Bielema and the Razorback Foundation had taken legal action each other but those actions now desist, Bielema and Razorback Foundation Executive Director Scott Varady announced Friday.
Under the terms announced Friday, Bielema, who had been a consultant for the New England Patriots and then an assistant with the New York Giants after his Arkansas firing, will receive a final payment of $3,529,167, but the Razorback Foundation will be released from a $3,850,000 payment.
Bielema in total will receive $8,085,000 of the original $11,935,000 agreed upon in terms set by since fired Razorbacks Athletic Director Jeff Long.
Both Varady and Long issued statements.
“We believe the resolution of this matter is in the best interest of the Razorback Foundation and our membership,” Varady said. “We wish Coach Bielema and his family the best moving forward.”
In his statement Bielema said, “I am pleased to announce the resolution of our differences with the Razorback Foundation. We wish everyone in Razorback Athletics nothing but the best in the years to come.”