Lute Olson, Billy Gillispie (And Other College Coaches You Probably Hate) Appear To Have Lost Lots In Ponzi Scheme

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College coaches are probably paid too much, especially when you consider how much—nothing—players make. John Calipari just got a deal for $36.5 million. Jim Calhoun resents being asked about why he's the highest-paid state employee of Connecticut.


So there's a fuzz of karmic retribution in recent news that a whole bunch of college coaches, including Texas Tech's Billy Gillispie and former Arizona coach Lute Olson, may have lost their small fortunes invested with David Salinas, a Texas businessman who killed himself in the midst of an SEC investigation on Sunday.

SI explains:

More than a dozen current and former college coaches — including Texas Tech's Billy Gillispie, Arizona's Lute Olson, Baylor's Scott Drew and Gonzaga's Mark Few — are believed to have lost investments most recently valued at over $7.8 million combined with the late Houston-area businessman and AAU basketball operator J. David Salinas, sources close to the matter tell
According to documents reviewed by, the value of Gillispie's investment alone was purported to be $2.3 million; Olson's, $1.17 million; Drew's, $621,000; Few's, $353,000.


Well, look there, that's a large amount of money. But wait! Gillispie will make $800,000 yearly at Texas Tech. Lute Olson was making $1.4 million, factoring in endorsements. Few made over half a million yearly six years ago.

We imagine they'll weather the storm.

More than dozen college coaches involved in possible Ponzi scheme [SI]