Feb 19, 2009 - 8:50 PM
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A Texas Tech spokesperson confirmed the deal to PA SportsTicker but did not reveal specific details of the contract.
Multiple media outlets have reported that Leach agreed to a three-year extension worth $12.7 million, a deal very similar to the initial offer that he turned down earlier this week.
The deal, which will keep Leach at Texas Tech through 2013, was hashed out less than 24 hours before the school's Board of Regents were scheduled to discuss the coach's future.
After meeting with school chancellor Kent Hance and athletic director Gerald Myers for two hours Thursday afternoon, Leach finally decided to accept the offer.
"Me and my family are thrilled to death that we're going to be in Lubbock for another five years," Leach said during a news conference. "I appreciate Chancellor Hance and Gerald's efforts to allow us to stay here and the opportunity to be here to coach the Red Raiders for many years to come."
Leach guided the Red Raiders to an 11-2 record last season, including a victory over top-ranked Texas. He has two years remaining on his existing contract.
After coaching the Red Raiders to the first 11-win season in school history, Leach was linked to job openings at Washington and Auburn, prompting the initial five-year offer from Texas Tech.
However, the first offer also included several clauses that Leach disagreed with, resulting in a bitter two-month period between the two sides.
One point of contention centered around a buyout clause under which Leach would have to pay Texas Tech approximately $300,000 if he left for another school. Hance said Thursday that the school ultimately decided to drop the buyout clause.
"We'll just make that zero on the buyout," Hance said. "I know he's not leaving."
Myers acknowledged that despite the contract talks, Texas Tech wanted to retain the services of Leach, who has posted a 76-39 record in nine seasons with the Red Raiders.
"I think that got lost with all the rhetoric and speculation," Myers said. "To put it mildly, this has been a tough negotiation and it's good to get it behind us."
