Razorbacks' Coach Smith to File for Bankruptcy
Athletic Director Jeff Long hired Smith in April to replace Bobby Petrino, who was terminated after news broke that he had hired his mistress in the football department and had given her $20,000 in gifts.
"There have been some sleepless nights trying to get this resolved," Smith said of the situation. "There comes a point in time where you say 'Enough is enough,' and I want it cleaned up and whatever we have to do, we have to do.
"It was a situation where we all made a little and said, 'Well that's good. Let's see if we can make a little more,'" he continued. "At that point, the bank was willing to give away money. We got in over our head with land, and then the bubble burst and all this land value dropped and we couldn't sustain it."
Smith is unsure exactly how much he owes to creditors, but decided to get a head start by filing for bankruptcy. One of his former partners, John Mason, filed in December and listed liabilities totaling between $10 million and $50 million.
Also the former Michigan State and Louisville head coach, Smith takes over a team that will start the season inside the Top 10 and is expected to make a legitimate title run under quarterback Tyler Wilson.
"From a personal standpoint, I don't want the university being embarrassed, but I'm not embarrassed," said Smith. "It's something that happened. I made some mistakes, and to be honest with you, I'm a football coach, not a businessman."
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