UPDATE: Will Reece of NextLevel Sports has contacted RedWolfReport.com and has stated that Grant McCasland's buyout has been paid in full. Mr. Reece represents McCasland.
Arkansas State University officials have also confirmed receipt of the payment.
ORIGINAL STORY:
Former Arkansas State head coach Grant McCasland has failed to pay his $500,000 buyout as required by his contract and terms of employment contract with Arkansas State. The buy out was to be paid to the Red Wolves Foundation by close of business on April 10, 2017, but the payment was not paid.
Arkansas State General Counsel Brad Phelps now has control of the case, and has sent a letter to Joey McCutchen of McCutchen and Sexton Law Firm regarding the failure of payment.
The letter states the following:
Dear Mr. McCutchen,
On March 13, 2017 your client Grant McCasland accepted the position of men's head basketball coach at the University of North Texas. After Coach McCasland accepted the position, I emailed you with a reminder that Coach McCasland's contract with Arkansas State University required that a buyout payment be made to the Red Wolves Foundation on or before April 10, 2017. (See attached email correspondence.)
I was informed by the staff at the Red Wolves Foundation that a buyout payment was not received by the close of business on April 10, 2017. This failure means that Coach McCasland is in breach of his contract with Arkansas State University. We hereby demand that Coach McCasland immediately remit payment of $500,000.oo to the Red Wolves Foundation consistent with the terms of his employment agreement with Arkansas State University.
If payment is not made, we will immediately proceed with the filing of a lawsuit against Coach McCasland. To that end, please let me know if Coach McCasland will authorize you to accept service of the complaint on his behalf or whether we should hire a process server in Texas to serve Mr. McCasland personally.
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