West Virginia University will receive the full $4 million owed to the institution by former football coach Rich Rodriguez in an agreement reached today (July 9) and approved by WVU s Board of Governors in an emergency meeting.

We felt from the beginning that we had a solid and valid contract that all parties understood and agreed to, including the liquidated damages clause, WVU President Mike Garrison said.From the outset of this matter, we believed it was very important to protect the financial interests of our great University.

Newly elected BOG Chairwoman Carolyn Long praised Garrison and WVU s legal team for bringing the matter to a successful conclusion.

As a board, we are pleased that President Garrison and his executive and legal teams did the right and fair thing by pursuing this matter,she said.It became clear through documentation and other evidence that Mr. Rodriguez, his agent, financial adviser and University of Michigan officials were also keenly aware of all contract details. I am pleased that they have agreed to abide by the signed contract.

She added,After all, a contract is a contract, and once signed, individuals are obligated to honor the clear written terms of that agreement. I am glad we can now close the chapter on that book.

Officials said terms of the full value settlement agreement include a timetable for payments, with the first payment of $2.5 million due by the end of July, and the remaining $1.5 million to be paid in three equal installments (January 2010, January 2011 and January 2012). There will be no further legal action or claims.

Rodriguez resigned Dec. 18 to accept the head coaching job at Michigan.