Kentucky travels to Fayetteville this weekend to face the Arkansas Razorbacks, coached by John L. Smith. Will John L. be preparing his team on Friday? He will not. He will be meeting in Fayetteville with creditors in his bankruptcy case.
At this point in time, Smith’s financial troubles are no secret. Due to bad business deals, most of which occurred in Kentucky, he owes a lot of people a lot of money. It is now thought he could owe up to $40 million dollars. When it comes to money, that’s a lot.
While he may be bad at business, he did try to pull a fast one on his creditors. When he signed his contract with Arkansas, he deferred 71% of the $850,000 ten month salary. This gave him time to declare bankruptcy before being paid that money (approximately $600,000). This way, his creditors wouldn’t be able to get their hands on it. This USA Today article by Brent Schrotenboer goes more in depth, but I’m just thinking and hoping and wishing and grasping for some hope that John L.’s mind could be elsewhere this Saturday and the Cats could sneak into Fayetteville and steal one.
Kentucky Football: At least our coach didn’t declare bankruptcy.