Eustachy resigns

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AMES - Larry Eustachy insisted he would never resign as basketball coach at Iowa State.

On Monday, he and the school agreed to sever ties and avoid a costly, drawn-out legal fight.

Eustachy resigned one week after the publication of embarrassing photos of him drinking and partying with students.

The 47-year-old vowed that he would coach again, but it certainly won't be at Iowa State where he had won 101 games in five seasons and became Iowa's highest paid state employee, receiving about $1.1 million a year.

"Make no mistake about it, we need to end this thing. We need to end it here," said Eustachy, who spoke briefly with reporters outside his home Monday night. "I've created this situation and I'm holding myself totally accountable, and we move on."

Eustachy acknowledged that he was an alcoholic seeking treatment last Wednesday, the same day the school suspended him with pay and athletic director Bruce Van De Velde recommended he be fired.

The deal between Eustachy and Iowa State gives the coach $110,000 for the remainder of 2003 and a lump sum of $850,000 on Jan. 1, 2004.

"This has been a trying time for Iowa State University," said Dr. Greg Geoffroy, university president. "By resolving this situation today, we will continue to move forward by providing students with the best education possible.

"We are first and foremost an educational institution, one that values integrity, honesty and treating others with fairness and respect. This decision is in the best interests of the university, Mr. Eustachy and the entire Iowa State University family," he said.

Eustachy said he concluded over the weekend that it would be best to accept the settlement, resign and move on.

The monetary settlement "resolves all matters," said Steve Zumbach, the university's attorney.

"This matter needed to be brought to a close. If allowed to continue, that damage would have been irreparable," Zumbach said.

As part of the settlement, Eustachy will receive the university's health benefits over the next year. Those benefits include coverage for treatment of alcoholism, Zumbach said.