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NEWS RELEASE

05-05-03

Contacts:
John McCarroll, University Relations (515) 294-6137
Annette Hacker, News Service, (515) 294-3720 or 306-2374

IOWA STATE UNIVERSITY, EUSTACHY REACH SETTLEMENT

AMES, Iowa -- Iowa State University President Gregory Geoffroy announced at 6 p.m. (CST) today that the university has accepted the resignation of Larry Eustachy from his duties as head men's basketball coach. (See Geoffroy statement.)

Eustachy has been under fire for improper behavior since last Monday, when news reports of him partying with college students at the University of Missouri surfaced in the media. Other allegations of misbehavior and poor judgment surfaced, and last week concluded with an NCAA ruling of secondary violations against Eustachy, in regard to improper cash payments to student-athletes.

Iowa State University will pay Eustachy his base salary plus health coverage, equaling approximately $140,000, through Dec. 31, 2003. On Jan. 1, 2004, the university will provide final compensation to Eustachy in the form of a one-time severance payment of $850,000.

Iowa State has reached a settlement in accordance with Eustachy's contract that will allow both parties to move forward and brings closure to a trying situation, Geoffroy said.

"It has been a difficult period for Iowa State University, for our student-athletes, for our fans, and for Athletic Director Bruce Van De Velde. Now that this issue is behind us, it is important for us to come together as a university family and to support each other," said Iowa State University President Gregory Geoffroy.

Geoffroy also thanked Van De Velde for his leadership throughout the past week, and has asked him to proceed immediately with the task of identifying the best candidates for Iowa State's next men's basketball coach.

"By resolving this situation today, we will continue to move forward in fulfilling our important mission of providing students with the best education possible. We are first and foremost an educational institution that values integrity, honesty and treating others with fairness and respect."

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