A private foundation set up “to help fund athletics” at the University of Alabama purchased the house of Nick Saban for nearly $US3.1 million in 2013 according to Kent Faulk of AL.com. Saban and his wife continue to live in the house and the foundation now pays the property taxes.
It is not unusual for football coaches at big universities to live in houses owned by others, whether it is the school or school interests. But what is unusual about this situation is the timing of the transaction as well as the the deal which will allow Saban to live in the house as long as he wants, even after he stops coaching the Crimson Tide football team.
According to the report, the foundation purchased the home from Saban in March 2013. That was just ten weeks after Alabama won its third national championship under Saban.
That means the mortgage was paid off by the foundation just weeks after Saban’s agent spoke with University of Texas officials, which came days after the championship game according to an AP report. Eight months later, a report surfaced that Saban’s agent had told the University of Texas that his client would be willing to leave Alabama to become the next Longhorns head coach.
In December, speculation about Saban’s future was cleared up when he received a huge raise from $US5.5 million per year to $US7.0-7.5 million per year.
So, during the 2013 calender year, Saban won a championship, had his $US3.1 million mortgage paid off, and got a nearly 40% raise. That’s a pretty good year.
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