John L. Smith is going to get fired sometime soon, but his inevitable termination isn’t the Arkansas head coach’s biggest problem right now. Neither is his team’s embarrassing start to the 2012 season, for that matter. No, Smith biggest concern (by a mile) should be his extremely troubling financial status.
According to his bankruptcy court filings (via USA Today), Smith has $500 in his checking account and $300 cash on hand. Three hundred dollars on hand. A man whose coaching career began in 1971 and who has worked at places like Michigan State, Utah State, Washington State, Louisville and many others has less money at his disposal than kids with paper routes.
Can you imagine if this were a player having the same problem?
Per court filings, Smith has $25.7 million liaibitilies and only $1.2 million in assets. The assets, however, as noted by USA Today, are mostly “tied up in retirement funds.”
Back in July, Smith said this of his money problems: "There have been some sleepless nights trying to get this resolved. There comes a point in time where you say 'Enough is enough,' and I want it cleaned up and whatever we have to do, we have to do."
Hence the bankruptcy.
Smith’s Arkansas contract pays him $850,000 for 10 months worth of work. Based on what we’ve seen over the last couple of weeks, it’s probably a safe bet that he won’t be getting an extension.
(Kudos USA Today)