clock menu more-arrow no yes mobile

Filed under:

Gillispie May Not Have Lost $2.3 Million

When we last left this situation, it had been alleged that Texas Tech head coach Billy Gillispie lost $2.3 million with a Houston investor, David Salinas.  Salinas also founded a couple of Houston area AAU programs, was most recently being investigated by the Securities Exchange Commission and to add tragedy to the situation, Salinas committed suicide last week.  There were allegations that Salinas would steer players to programs that had invested money with Salinas, but as of right now, there's no NCAA investigation.  It helps that Gillispie has not been employed by a university, so I'm hoping that as a result, he's not subject to NCAA rules.

Over the weekend, I found the Twitter feed of Oscar Combs, who had the following Tweets last week:

Reports of Billy Clyde losing between 2 and 3 million dollars in Texas scam has been grossly overstated according to source I trust.  I'm told figure more likely will be $400,000-$600,000. That's still pretty hefty hit. Guess extra $1 million from UK came in at right time.  BTW Gillispie was mystery guest on the Joe B & Denny Radio show yesterday and Billy Clyde said he's eager to get it going at Texas Tech.

I tried to find the audio from this show, but no dice.  This is shaky information in that I've just found it on Twitter and it's attributed to Combs, but if you do a Google search for Oscar Combs, he's obviously very much connected with Kentucky.  At the very least it might be good news in that Gillispie didn't lose $2.3 million. 

Saturday night, ESPN's Andy Katz reported that the attorneys that lost money will be meeting with attorneys:

A number of coaches who lost money in David Salinas' alleged Ponzi scheme will meet at 1 p.m. PT on Sunday at a downtown Las Vegas hotel with a legal team that represents the National Association of Basketball Coaches, multiple sources said Saturday.

According to sources, the purpose of the meeting is to centralize the coaches' issues in an attempt to make their case for the return of money lost through the Salinas' alleged scheme. The meeting will also address coaches' concerns about any perceived NCAA issues that have arisen during the course of the public disclosure of the scheme.