Texas Tech women's basketball coach Marsha Sharp has agreed to a new contract revision and extension that will identically match the length, base and deferred salary packages of new men's basketball coach Bob Knight.
The revision, starting Sept. 1, includes a $200,000 annual raise and a one-year extension from April 2005 to April 2006. Her new guaranteed annual income of $600,000 makes her the second-highest paid coach at Tech, including the addition of $150,000 in annual deferred salary and a $50,000 increase in base salary.
"She's the most successful coach in the history of the school, and if any coach accomplishes what she's done, they'll be compensated as well," Tech athletic director Gerald Myers said. "We thought it was something she deserved."
Sharp's revised agreement will mirror Knight's contract length through 2006, $250,000 base salary and $150,000 annual deferred income package to be paid at the end of the contract. The only financial difference in the two contracts is guaranteed outside income.
Sharp is guaranteed at least $200,000 in outside income, including shoe and radio deals. Myers said Tech has guaranteed Knight $500,000 in outside income, recognizing his income-generating power as one the most recognizable coaches and speakers in college sports.
Knight's $900,000 package makes him Tech's highest-paid coach. With the revision, Sharp's $600,000 guaranteed contract effectively makes her Tech's second highest-paid coach, ahead of football coach Mike Leach, whose contract guarantees him $550,000 annually, including $250,000 in base salary.
"I'm really grateful for what Tech is doing for us," Sharp said. "I really feel like for a long time that this is one of the best places in the country to coach. I really appreciate the opportunity they've given me to continue here."
Sharp has led the Lady Raiders to 14 NCAA Tournament appearances at Tech, including the 1993 national championship. Her 19-year career record at Tech is 459-141. Her current contract was signed in December 1998 and guaranteed her $400,000 annually, including outside income.
Since May, her $200,000 base salary has matched the base salary of former men's basketball coach James Dickey. Knight was then hired in March with a more lucrative university package, prompting Myers to say Tech would revise Sharp's contract appropriately.
"We try to keep them pretty close on base salary and deferred income the department would be paying them" Myers said.
Myers said the source of the increased salaries is likely to come from expected increased revenue in basketball and private donations.
Staff writer Jeremy Cowen contributed to this story
Brent Schrotenboer can be reached at 766-8733 or at bschrotenboer@lubbockonline.com
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