Greg: Newmark's Contract Unveiled as UNC AD Transition Year Begins

UNC released future athletic director Steve Newmark’s contract on Monday, three days after the former NASCAR executive began his transitional role as executive associate athletic director. Newmark, who served as president of Roush Fenway Keselowski Racing for the past 15 years, will assume the athletic director position next summer, succeeding Bubba Cunningham, who will slide into a senior advisor role to the chancellor.

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Newmark signed a five-year deal that runs through Aug. 14, 2030. His initial salary is $600,000 before increasing to $1 million when he transitions to athletic director.

“I’m delighted that somebody of Steve’s caliber and background was willing and available,” UNC chancellor Lee Roberts told Inside Carolina in a recent interview. “It’s important to point out that he grew up here in Chapel Hill. He didn’t go to Carolina, but he’s a lifelong Tar Heel sports fan, and he has a passion for Carolina athletics that is as strong as anybody working in our athletics department now, and so we’re excited about bringing him on board. We’re excited about the future.”

Newmark will focus on revenue-generating initiatives, sponsorships, strategic partnerships and NIL strategies for UNC’s football and basketball programs during his transition year before expanding into traditional athletic director responsibilities as of July 1, 2026, or potentially earlier if Cunningham is no longer serving as athletic director.

Notably, the contract stipulates that if UNC forms an associated entity to manage revenue-generating aspects of the university’s varsity athletic programs, Newmark would be named president of any such entity prior to the transition date. In May, Kentucky approved the creation of an entity called Champions Blue, LLC, which is a holding company that would allow the university to pursue public-private partnerships and generate new revenue streams.

Prior to his time in NASCAR, Newmark specialized in sports and entertainment, mergers and acquisition, and private equity as a shareholder with Robinson, Bradshaw & Hinson, P.A., in Charlotte, N.C. In addition to motorsports dealings, he represented the Southeastern Conference in multi-media deals, partner agreements and marketing projects during the league’s emergence as a leader in the industry 20 years ago, while also representing the NCAA during the negotiation of its $10.8 billion deal with CBS and Turner Broadcasting for the media rights of the NCAA Tournament in 2010.

Roberts elected to forgo a search process in creating a succession plan for the athletic director position.

“I’ve known Steve for close to 15 years,” Roberts said. “We met in a business context. I tremendously respect his judgment, his intellect, his experience. I think he has the right mix of skills for Carolina athletics at this point in history.

“We’re delighted that we were able to ensure that Bubba Cunningham isn’t going anywhere, and that we’ll continue to have his expertise and experience supporting our efforts, and I believe we have the best of both worlds. We’re able to bring in Steve’s experience with sponsorship and marketing and revenue generation and media contracts. I think that’s crucial to us as we navigate this new landscape, while continuing to have Bubba’s tremendous experience, expertise, industry relationships and stature in the business.”

There are several significant bonus escalator clauses in Newmark’s contract, including a bonus equal to 1/12^th of his annual salary if the football team is invited to a bowl game and equivalent separate bonuses if the men’s and women’s basketball teams earn NCAA Tournament invites.

Upon becoming athletic director, Newmark will be eligible for additional bonuses tied to academic progress rates and graduation success rates. Additionally, the University of Virginia law school graduate will earn up to $100,000 if the football or men’s basketball teams win the national championship. He is eligible for a $40,000 bonus If UNC finishes an academic year ranked in the top 10 of the Director’s Cup rankings.

Newmark will also receive four payments of $50,000 annually in deferred compensation through his contract provided he remains employed by the university in the contract’s specified roles.