It didn’t take long for kooky interim Arkansas head football coach John L. Smith to start making headlines for boneheaded decisions.
Smith, who was hired in April to replace the fired Bobby Petrino, is near bankruptcy due to bad real estate investment deals, according to the Associated Press.
Smith told the AP he started investing in real estate in the late 1990s while he was the head coach at Louisville and that his stake in the business dealings grew to the “multi-millions.”
Said Smith to the AP: “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. 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 currently making $850,000 in his 10-month contract with the Razorbacks after Petrino was fired for having an affair with a former employee in the athletic department. Athletic director Jeff Long said he was aware of the issue before hiring Smith.
As the Twitter handle @cuppycup best put it, “Arkansas traded a guy who was morally bankrupt for one who’s financially bankrupt.”
We’re guessing John L. feels like doing this to himself again over and over right now.
[AP]
