LAS CRUCES – New Mexico State University announced Monday afternoon that it has reached a financial deal with Aggie’s former men’s basketball head coach Paul Weir regarding his buyout.
The NMSU announced that under a stipulated settlement agreement, the two parties have agreed that Weir will pay the NMSU $ 450,000 over the next seven years, with the first payment due on May 1.
Weir left the NMSU to take on the role of head coach at the University of New Mexico in April 2017 after one season as the head coach of the Aggies and nine as an assistant at the NMSU. Weir’s contract with the NMSU spanned the 2019-20 season, but his contract provided that a one-year extension to the 2020-21 season would be granted if Weir’s Aggies won the regular season championship of Western Athletic Conference or qualified for the NCAA tournament in one of its first two seasons.
Weir led the NMSU to the NCAA tournament in his first season. The NMSU has said in the past that it understands Weir’s buyout is for $ 500,000.
“We are delighted that we were able to reach an agreement with Coach Weir,” NMSU Chancellor Garrey Carruthers said in a statement. “We know he is a good coach, a good gentleman and we congratulate him on a successful first season as the head coach of UNM basketball.”
Weir led the Aggies to a record-breaking 28-game winning season, which was tied by the 2017-18 NMSU team, coached by Chris Jans. Weir finished with a 28-6 record and a 2016-17 WAC tournament championship at the NMSU.
Weir led UNM to the Mountain West tournament title game in his first season in Albuquerque, an overall record of 19-15 and 12-6 in the Mountain West conference. Weir earned a base salary of $ 250,000 while at NMSU and he currently earns an annual salary and compensation of $ 675,000, according to the Albuquerque Journal.
Weir buyout money will be applied to the The sports department’s $ 4.1 million debt at the main campus.
Mark Rudi can be reached at 575-541-5455, [email protected] or on Twitter @ mrudi19.