Louisville was a financial mess, and Rick Pitino the beneficiary

Rick Pitino’s shady dealings might have boosted his personal pockets, not to mention his group’s success.

A deeper dive into Louisville’s funds revealed ninety eight % of the cash from the athletic division’s sponsorship cope with Adidas over a span of two seasons went on to Pitino, the Courier-Journal reported.

Presently on unpaid depart due to his teaching employees’s involvement within the corruption scandal that has rocked school basketball, Pitino was the very best-paid coach within the sport final season at almost $7.eight million.

As USA In the present day had famous, $2.25 million of that got here from the Adidas deal. Within the two earlier years, Pitino acquired a complete of $three million from the shoe firm whereas the athletics program collected a paltry $35,000, in accordance with the Courier-Journal.

Shoe corporations and attire contracts have lengthy performed a serious position in escalating teaching salaries in school sports activities, basketball particularly. Pitino has denied any information that a consultant from Adidas had labored with the Cardinals teaching employees to funnel $one hundred,000 to at least one recruit, believed to be 5-star freshman Brian Bowen, and $one hundred fifty,000 to a future recruit within the 2019 class.

The opposite monetary revelations didn’t draw as a lot nationwide consideration, however dug the basketball program and athletic director Tom Jurich into a much bigger gap.

Whereas this system was hyped because the wealthiest in America for years, the Courier-Journal discovered that it was truly bleeding cash and wanted subsidies from the college the previous two seasons. With out that welfare from the college, the Cardinals basketball program would have misplaced a complete of $9 million between the 2014-15 and 2015-sixteen seasons.

That’s not an excellent look, particularly when the college had laid off staff due to a $forty eight million finances shortfall, based on the Courier-Journal.

“The college must get its priorities straight,” historical past Professor Tracy Okay’Meyer informed the newspaper.

The paper’s investigation additionally revealed Jurich, presently suspended due to the scandal, earned greater than twice as a lot as another AD within the nation final yr. His contract included a set of tax-avoiding boosts and over-the-prime perks that introduced his compensation to $5.three million final yr.

The subsequent-closest AD within the nation, Gene Smith at Ohio State, was at $1.ninety eight million.

Source link