Arkansas football coach Smith files bankruptcy
Posted: September 6, 2012 at 5:55 p.m.
FAYETTEVILLE Arkansas football coach John L. Smith filed for Chapter 7 bankruptcy on Thursday, claiming between $10 million and $50 million in debt.
The preliminary bankruptcy filing lists between $1 million and $10 million in assets for the first-year Razorbacks coach. Smith told The Associated Press in July he was considering the action, citing bad land investments in Kentucky.
"That's a weight off my shoulders," Smith said Thursday following the Razorbacks' football practice. "Now I'll let the professionals handle it."
Smith was hired as Arkansas' football coach in April after the school fired Bobby Petrino for misconduct. The 63-year-old signed a 10-month contract worth $850,000.
The No. 8 Razorbacks will face Louisiana-Monroe at 6 p.m. Saturday in Little Rock's War Memorial Stadium.