Arkansas Coach John L. Smith Owes $25 Million To Creditors
University Of Arkansas head football coach John L. Smith is coaching on a 10 month contract, and the details of that contract won’t be nearly enough to satisfy the countless debts he owes.
According to USA Today John L. Smith owes creditors more than $25 million in liabilities stemming from real estate losses he suffered while he was the coach of Louisville from 1998-2002.
Smith filed bankruptcy documents in federal court Wednesday, and the details are extremely disheartening.
Smith has $1.2 million in assets which are tied up in retirement funds and other ventures.
In those court documents Smith admitted to have $300 to his name in cash and another $500 in his checking account.
The only real estate the interim coach owns is 8 acres of property in Iona, Idaho that belonged to his deceased parents valued at $8000.
The biggest claim against Smith is valued at $20 million from Terra Springs LLC, in Louisville.
Smith to his credit is facing this head on and is honest about the toll it has taken on him.
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There have been some sleepless nights trying to get this resolved,” Smith said then. “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.”