Rick Pitino / David Padgett / Louisville

[cuseincincy]

The naivity and arrogance of Louisville never ceases to amaze me. Padgett is fruit of the rotten tree.

 

[OrangeXtreme]

 

[MSOrange]

Louisville assistants Jordan Fair, Kenny Johnson 'not active' with basketball program

 

[realorange]

This is the killer that one or more people can inflict on an entire organization. In the case of Louisville you might say they are all stained but with them or some of the other cases of the FBI there will be coaches hurt who had nothing to do with the primary instigator.

 

[AlaskaSU]

Pitino is disgusting. The one bit of silver lining is that he fell prey to a fellow huckster. Most of his money was used to buy gold.

 

[OrangeXtreme]

 

[BillSU]

I think Rick the stick will not be with Louisville much longer. It amazes me what money apparently did to Pitino - it’s also blatantly disgusting. If this has been posted, apologies.


Darren Rovell ESPN Senior Writer

Suspended Louisville basketball coach Rick Pitino received almost all of the cash that Louisville received from Adidas in the school's expiring deal with the shoe company, according to a report, though an Adidas spokesperson said all the money in the new deal recently signed is earmarked to the school.

The Louisville Courier-Journal reported on Thursday that Pitino received 98 percent of the cash Louisville was to receive, which is roughly $1.5 million a year for five years through July 1.

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Adidas spokesperson Katja Schreiber told ESPN that the new deal with the school -- a 10-year, $160 million pact that Louisville and the shoe and apparel company announced in late August -- has different terms.

Schreiber said that in a typical college deal, Adidas agrees to provide cash and an allotted free-product budget and allows the university to delegate how it wants the cash shared. In the case of the new deal, Schreiber said all the cash will be earmarked to the school.

Although Schreiber said it "was the plan all along" for the Adidas money in the new contract to go to the school, it is unclear why that was made the case. Schreiber said she couldn't get into more specifics.

Such contracts with schools and coaches vary. Some include shoe and apparel compensation in a coach's contract, while others keep a personal services contract with the coach that is separate.

Louisville interim president Greg Postel said Monday he is planning to learn more about the school's $160 million sponsorship extension with Adidas, which is the sixth-largest shoe and apparel deal in terms of total money in college sports.

Postel criticized athletic director Tom Jurich, who is on paid administrative leave, in his disciplinary letter to the AD for failing to update the athletic board about that extension.

Postel also was authorized Monday to begin the process to fire Pitino because of a federal bribery investigation, a scandal that has shaken the university and brought down one of the most prominent coaches in college basketball.

The Louisville Athletics Association, a separate body of officials that oversees the school's sports programs, unanimously approved a resolution to fire Pitino after meeting for more than two hours on Monday.

Pitino was placed on unpaid administrative leave last week after law enforcement officials announced the probe and the school acknowledged its inclusion in the investigation. Though Pitino is not named in court complaints, Postel said the allegations violated his contract and provided just cause for Pitino to be placed on unpaid leave.

 

[retro44]

OUCH!!!! hey ripped Pitino good in their termination letter and took a nice shot at Jurich too.

 

[BillSU]

OUCH!!!! hey ripped Pitino good in their termination letter and took a nice shot at Jurich too.

What are you going to do now coach?

I would say nothing! You made your bed full of sh_ _ now you have to sleep in it.

It’s all about the money coach you learned that well. Too bad your behavior affects others in college basketball and not in a very negative way. Also that they can’t take your accrued income away.

Glad to hear you are out of business.



Rick Pitino was recently fired from the University of Louisville following the university's involvement in the latest NCAA scandal involving bribery.

His termination letter was recently revealed to the public and the university's interim president Greg Postel did not hold back when ripping into Pitino in the missive.

Postel called out Pitino on the two scandals that have rocked Louisville this year: the FBI probe which revealed bribery, as well as a scandal involving parties for recruits where strippers were present.

The university was not putting anything lightly in their letter to Pitino and even cited his "failure to take responsibility for violations" in their letter.

Pitino and his attorney have claimed that the former head coach is innocent of the charges filed against him. However, it doesn't seem likely that any judge will side with Pitino at this point.

This will be a long, stressful process and I'm sure this isn't the last we will hear of this.

Joe Robbins/Getty

Rick Pitino will reportedly lose out on up to $55 million after being dismissed from his role as the University of Louisville head men's basketball coach, according to ESPN's Darren Rovell.

Pitino, the highest-paid coach in college basketball, was set to make just under $7.8 million for the 2017-18 season, according to USA Today. The two-time NCAA Tournament champion had $38 million in salary remaining on his deal running through 2026, while the other $17 million was set to come from bonuses and other earnings.

If Louisville had simply wanted to buy out Pitino's contract instead of firing him, it would have reportedly cost the school $44 million.

On Tuesday, Louisville was one of several schools named in an FBI investigation of fraud and corruption in college basketball recruiting. The investigation accused an Adidas executive and several other defendants of giving $100,000 to a potential recruit's family to entice him to commit to an unnamed public research university in Kentucky. Pitino has reportedly informed his staff that he expects to be fired, and athletic director Tom Jurich was also reportedly let go.

Pitino offered a statement on Tuesday, saying that "these third-party schemes, initiated by a few bad actors, operated to commit a fraud on the impacted universities and basketball programs, including the University of Louisville." Now, it seems he's paying the price for his part in the scheme.

With Pitino's firing, University of Kentucky head coach John Calipari is now the highest-paid coach in college basketball. He's set to make $7.4 million this season.



Coach Made Bank

It's tough to estimate net worth from the outside, but here's what we know about the former U of L coach.



Joe Robbins/Getty Images


He was the Louisville basketball coach for 16 seasons, during which his teams went 559-416, made the NCAA tournament 13 times, and won the 2012-13 national championship.

MORE: Replacements for Rick Pitino as Louisville Basketball Coach
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MORE: Will Louisville Keep its Recruiting Classes?

Pitino was under contract at Louisville through the 2025-26 season after he signed an extension in 2015.

The deal increased his salary from $4.45 million for the 2015-16 fiscal year to $5.1 million in 2016-17, and was set to stay at $5.1 million through 2026. In total, the deal was worth $50.93 million in guaranteed salary, and featured several bonuses on top of that.

Pitino was eligible for $250,000 in academic bonuses, and a further half a million dollars $500,000 if Louisville won another championship.

His salary was guaranteed, but the full contract details haven't been released so we don't know if any clauses will void that guarantee.

Rick Pitino's Earnings at Louisville (2013-17)


SCHOOL PAY

OTHER PAY

TOTAL PAY

MAX BONUS

2016-17

$5,057,000

$2,712,200

$7,769,200

$750,000

2015-16

$6,004,529


$6,004,529


2014-15

$5,758,338

$775,000

$6,533,338


2013-14

$4,678,327

$1,080,011

$5,758,338

$775,000


Pitino was one the highest-paid coach in college basketball last season, according to data compiled by USA Today.

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So how do we go about estimating Rick Pitino's net worth? Several factors. Let's talk it through.

Rick Pitino Net Worth

As stated earlier, Pitino has been the head coach at Louisville for 16 seasons. Before that, he spent three an a half years as head coach of the Boston Celtics after signing a 10-year, $50 million contract. He left $27 million on the table when he resigned.

While he was in Boston, he purchased a six-bedroom, six-bathroom, 7,295-square foot home in Indian Creek, Florida for $5.4 million. He later reportedly put that house up for $14.9 million before taking it off the market.

He bought the 9,673-square-foot former home of Papa John's president Dan Holland in August 2001 for $2.25 million, and sold it for $1.7 million in 2013. He and his wife Joanne were reportedly looking to downsize. Soon after, Pitino bought a $450,000 Lexus.

Pitino has authored several books: "Born to Coach" (an autobiography) and "Rebound Rules", and co-authored "The One-Day Contract: How to Add Value to Every Minute of Your Life", "Full-Court Pressure: A Year in Kentucky Basketball", "Success is a Choice: Ten Steps to Overachieving in Business and Life".

So what figure can we speculate for Rick Pitino's net worth?

Celebrity Net Worth estimates $25 million, but Pitino has earned that much in the last four years alone just through salary. The real figure is probably higher than that.

Considering his Florida home worth somewhere between $10-15 million, career earnings as a coach, book deals, and sponsorship deals with Taco Bell, Guitar Hero, and others, Rick Pitino's net worth is probably closer to double that. It's tough to estimate but $40 million seems closer to the mark than $25 million.

 

[OrangeXtreme]

 

[OrangeXtreme]

 

[Deano]

Let the flopping begin!

 

[Sherman20]

OUCH!!!! hey ripped Pitino good in their termination letter and took a nice shot at Jurich too.

Oh, please. I’m not gonna defend dirty Rick Pitino. But these universities and university presidents/administrations are to blame for all the giant messes, scandals and hypocrisies plaguing college sports. The NCAA takes its marching orders from the Presidents/its member schools. They opened up this can of worms and let the money flow in, yet deprive the actual players from reaping any benefit from it—or at least their fair market value. Meanwhile they hoard the money for themselves and their athletic administrations and turn a blind eye to the corruption. This letter—like NCAA rules and its insane enforcement process— is so hypocritical and completely ignores any right to due process.

 

[Capt. Tuttle]

Oh, please. I’m not gonna defend dirty Rick Pitino. But these universities and university presidents/administrations are to blame for all the giant messes, scandals and hypocrisies plaguing college sports. The NCAA takes its marching orders from the Presidents/its member schools. They opened up this can of worms and let the money flow in, yet deprive the actual players from reaping any benefit from it—or at least their fair market value. Meanwhile they hoard the money for themselves and their athletic administrations and turn a blind eye to the corruption. This letter—like NCAA rules and its insane enforcement process— is so hypocritical and completely ignores any right to due process.

I love the part of his contract where the academic bonus was half of the team performance bonus. I thought this was a University.

 

[Frozen]

Let the flopping begin!