VCU's basketball coach agrees to new contract

Virginia Commonwealth University basketball coach Anthony Grant has agreed in principle to a new contract that puts him among the highest-paid coaches at a mid-major program.

By: BY TIM PEARRELL Richmond Times-Dispatch | WSLS
Published: April 24, 2008

Virginia Commonwealth University basketball coach Anthony Grant has agreed in principle to a new contract that puts him among the highest-paid coaches at a mid-major program.

Terms of the restructured deal were not announced, but sources said it pays Grant $700,000 with an annuity of $100,000. Perks and performance bonuses could push Grant's paycheck past $850,000.

The contract adds a year, taking it through the 2013-14 season.

"My family and I are extremely grateful for the confidence and commitment shown to us by [VCU President Eugene P. Trani, Athletic Director Norwood Teague] and the entire VCU and Richmond communities," Grant said in a release. "I am excited, honored and privileged to be a part of the present and future of VCU and the City of Richmond."

Trani said that Grant "has had a significant positive impact on the entire university, not just athletics. We have tremendous confidence in what he will be able to do going forward."

Grant, 42, is 52-15 with an NCAA tournament berth and an NIT bid in two seasons with the Rams.

"Coaches the caliber of Anthony Grant are rare," Teague said. "We're glad to have him and we look forward to a long association with him."

Some mid-major coaches are being paid between $750,000 and $1 million.

Grant, 42, is receiving his second pay increase since VCU hired him in April, 2006 to succeed Jeff Capel. Grant's annual base salary went from $275,000 to $400,000 after his first season, when he guided the Rams to a school-record 28 wins, the Colonial Athletic Association regular-season and tournament titles, and a first-round upset of Duke in the NCAA tournament.

VCU went 24-8 this year, won the CAA regular-season title and played in the National Invitational Tournament before losing to Alabama-Birmingham in the first round.

"I am thrilled that we are extending Anthony's contract, as well as providing him an increased financial package," Teague said. "His impact on our basketball program has been outstanding and it is our intention for Coach Grant to serve as our head men's basketball coach for many years."

Teague said the money for the contract comes from ticket sales, NCAA revenue sharing, sponsorships and alumni donations.

Contact Tim Pearrell at (804) 649-6965 or tpearrell@timesdispatch.com.