ut extends pearl’s contract through 2013

The University of Tennessee announced earlier this week that head basketball coach Bruce Pearl has agreed in principle to a one-year contract extension and increased compensation.

The new agreement reportedly will be finalized soon and comes following a season in which the Vols recorded the second-most wins in school history.

The new agreement increased Pearl’s annual total compensation package to $1.3 million for the 2007-08 season and runs through the 2012-13 basketball season. Pearl’s base salary will rise from $300,000 to$325,000. In addition, Pearl receives $400,000 for radio and television commitments, a $375,000 equipment fee and a $200,000 endorsement fee.

“I am grateful to President Peterson, the Board of Trustees, Athletic Director Mike Hamilton, my staff and of course our players,” said Pearl.

“I appreciate the Tennessee fans everywhere for the support they have shown our team,” added Pearl, who is entering his third season as head coach after guiding the Vols to consecutive NCAA Tournament appearances in his first two years in Knoxville.

Tennessee is in the midst of a $20 million renovation to Thompson-Boling Arena and the addition of a $16 million practice facility. Thompson-Boling renovations are due to be completed in two phases.

Phase I began in March and includes new seats for the entire arena, a center-hung scoreboard and concourse refurbishment, such as graphics and other amenities. Another key elements of Phase I is adding load bearing capacity to the arena roof structure, which is no longer adequate for some modern touring production requirements, and painting the ceiling tiles black (like the seats).

The basketball practice facility, Pratt Pavilion, will house two full-size basketball courts, one each for the men’s and women’s varsity basketball teams, as well as space for sports medicine, strength training, film study and recruiting.

Funding for the project is coming from donors to the Campaign for Tennessee Basketball and revenue from new premium seating areas such as Thompson-Boling Arena luxury suits and loge seats.

All funding for the athletics department, including coaches’ salaries’, is from monies generated by athletic resources and not from appropriated funding by the state of Tennessee or other university-related revenues.

The attendance at Thompson-Boling Arena, the 24,000-plus capacity arena built some 20 years ago and situated on the banks of the Tennessee River, has increased during each of Pearl’s first two seasons. Pearl spearheaded the movement for the before-mentioned renovation and practice facility.

On the court, the Vols rallied to a 24-11 regular season in 2006/2007, a second place conference finish—behind defending two-time national champion Florida—and a Sweet 16 appearance in last year’s NCAA Tournament.

“Coach Pearl has accomplished great things for our basketball program,” said Hamilton. “His energy and enthusiasm have brought new life to Tennessee basketball. We look forward to the 2007-2008 season and beyond with great anticipation.”

The contract includes a loyalty bonus of $500,000 following the 2009-10 season and an additional bonus of $500,000 following the 2012-13 campaign.