Newsday - Larry Brown is seeking a $53.5-million payoff from the Knicks for firing him after only one season as the team's coach, according to a report published by Alan Hahn at Newsday.
Along with the $41 million that remained on the original five-year contract he signed last summer, Brown is asking for an additional 25 percent of the original value of the $50-million contract - an additional $12.5 million - as "liquidated damages" as a result of the firing.
That information was revealed Thursday in a 10-Q form filed with the Securities and Exchange Commission by the Knicks' parent company, Cablevision. The Sports Business Journal originally reported the story Friday on the Internet, but Newsday also obtained the 10-Q form, which is a public document.
Commissioner David Stern is expected to serve as an arbitrator between the sides Friday in Manhattan. A decision will not be immediately rendered.
Brown, who considered the Knicks his "dream job," was fired June 22 after a controversial season and was replaced by Knicks president Isiah Thomas. Garden chairman James Dolan reportedly attempted to buy out Brown's contract before he fired him, but Brown declined the buyout. In hindsight, it was to ensure he got the entire amount of the deal.
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09-23-2006, 06:26 AM
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