FAYETTEVILLE, Ark. -- Arkansas coach John L. Smith says he is making plans to declare bankruptcy as a result of several land developments gone bust in Kentucky.

Smith was hired by the Razorbacks in April to replace Bobby Petrino, who was fired after revelations that he had hired his mistress in the football department and given her $20,000 in gifts.

Arkansas athletic director Jeff Long says Smith told him of his financial problems during the hiring process. Long says he is comfortable the issue will not affect Smith's ability to coach Arkansas in the wake of the Petrino scandal.

Smith, also a former head coach at Michigan State and Louisville, says he was a partner in the land deals and that total money involved is in the "multimillions."