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August 15, 1999
AUBURN- Auburn University and Coach Terry Bowden have resolved their disagreement concerning his employment activities by amending the original agreement between the two parties. A genuine difference of opinion existed on this issue and all parties are pleased that it has now been rsolved to their mutual satisfaction without the need for arbitration, as indicated in a joint statement released by the two parties Wednesday afternoon.
Under the amended agreement Coach Bowden has decided to move out of his Auburn home in order to pursue his business and family interest. The move is being made at this time so that the issue will be resolved for the Bowden family and Auburn University prior to the new school year.
Under the amended agreement Auburn University, which holds the lien on the home, has agreed to market and sell the house in which Bowden currently lives in. After the house is sold, Coach Bowden will be reimbursed $250,000 for money he has personally invested in the home above and beyond the original lien. The remaining balance will be used to pay off the promissory note on the house. Any excess profit from the sale will be split evenly between Auburn and Coach Bowden. Should Coach Bowden accept a coaching position before the house sells, he has agreed to pay off the promissory note in full.
The conditions and obligations set forth in the original agreement signed by both parties on January 26, 1999 remain in full force and effect except where they have been modified in the amendment to the agreement.
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