Buzz cut to cost UNCW nearly $1 million

University officials said coach Buzz Peterson is due $965,529.67
University officials said coach Buzz Peterson is due $965,529.67

WILMINGTON, NC (WECT) – Earlier this month the University of North Carolina Wilmington parted ways with men's head basketball coach Buzz Peterson. New information shows how much the Seahawks owe the coach for his early termination.

University officials said coach Buzz Peterson is due $965,529.67 in accordance with the terms of his contract. Peterson will receive payments on the amount over the next two years. If Peterson accepts a job at another university, the amount owed to him by UNCW will be offset by new income earned.

The money to pay Peterson will come from the university's internal loan to the athletics department. Approximately $827,000 and required funds will be drawn from the account on a monthly basis. University officials said the loan will be repaid sometime over the next eight years or less.

The difference between total payout to Peterson and the internal loan amount is due to the available funds that reside in the current fiscal year athletic budget for the coach's salary and benefits.

Buzz Peterson released the following statement on Twitter after receiving the news that he would not return as head basketball coach:

"When I first took the head coaching position at UNC Wilmington, I knew it was a job that had its challenges. Once we got in, those challenges were more significant due to our severe APR issues and I knew the rebuilding project would take a minimum of seven years. While I was hoping to see the rebuilding process through to the end, I am fully aware of today's sports climate that demands immediate results. For the great fans of Seahawk basketball, I am sorry that we could not deliver the results that you deserve. The thing I will miss the most is coaching a group of terrific young men who have given every ounce of effort to turn this program around. To those players and the Seahawk fans, I wish nothing but the best in the future."  - (@BuzzPeterson)

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