What Is Rick Pitino's Net Worth and Salary?
Rick Pitino is an American basketball coach who has a net worth of $45 million and a salary of $7.7 million. Rick Pitino has been the head coach of several NCAA Division I teams and NBA teams, notably the University of Kentucky, the University of Louisville, the New York Knicks, and the Boston Celtics.
Early Life
Richard Andrew Pitino was born on September 18, 1952, in New York City, New York. He was raised in Bayville, New York, and attended St. Dominic High School, where he was the team captain for the basketball team. Rick enrolled at the University of Massachusetts Amherst in 1970 and was a standout point guard for the Minutemen basketball team. Pitino earned his degree from UMass in 1974.
Coaching Career
Pitino's coaching career started off as a graduate assistant at the University of Hawaii, and he became a full-time assistant the next year in 1975. He also got to serve as Hawaii's interim head coach to close out the 1975-1976 season. He went on to Syracuse as the first assistant hired by Jim Boeheim for his tenure as head coach. In 1978, Rick got his first head coaching gig at Boston University. He had success there, leading the team to their first NCAA tournament appearance in 24 years.
Pitino then left the college ranks to become an assistant coach with the New York Knicks under coach Hubie Brown. He returned to college coaching in 1985 at Providence College, where the team had gone 11-20 the year before. He led them to the Final Four. Rick then became head coach of the New York Knicks in 1987. Under his tutelage, the Knicks won their first division title in nearly 20 years. He resigned from the Knicks in 1989 to take over as head coach of the University of Kentucky.
It was with the University of Kentucky that Pitino installed his signature style of full-court pressure defense and had lots of success. He led the team to the 1993 NCAA tournament and won the national title in the 1996 NCAA tournament. He again returned to the professional ranks, this time with the Boston Celtics, where he was head coach from 1997 to 2001. He mostly struggled in Boston and left for the University of Louisville in 2001.
Rick was the head coach at the University of Louisville from 2001 to 2017, his longest single tenure. He guided the team to their first Final Four in 19 years and became the first men's coach in NCAA history to lead three different schools to the Final Four. However, their 2013 NCAA National Championship was vacated due to a scandal.
Pitino made his debut in the EuroLeague with Panathinaikos in 2018, where he stayed until 2020 when he was named the head coach of Iona College. Rick has also served as the head coach of the Puerto Rico national team and Greece's senior national team.
Scandals
During his time at Hawaii, Pitino was implicated in eight of 64 infractions against the program that led to the team being placed on probation. The violations included handouts and "pay to play" bribes to student-athletes—including one allegation that an Adidas executive conspired to pay $100,000 to a top-ranked national recruit's family with the intent for him to represent Adidas when he turned pro—and providing misinformation along with then head coach, Bruce O'Neil, to NCAA and University of Hawaii officials. Pitino denied any wrongdoing.
In 2017, Rick was suspended by the NCAA for five games for his lack of oversight in an escort sex scandal involving recruits at the University of Louisville. Their 2013 National Championship was vacated, and Pitino was implicated in a federal investigation involving recruit bribing. The school claimed he was fired for cause.
$40 Million Louisville Lawsuit
On September 27, 2017, Rick was put on indefinite leave from his coaching job at Louisville in the wake of the school's alleged involvement in an FBI probe into college basketball corruption. If he ended up being fired for cause, he would have lost as much as $55 million in future contract compensation. Pitino subsequently sued the school, seeking just the $38.7 million base salary that was left on his contract. Two years after being fired, the two sides settled. Louisville did not pay Rick any additional money, but it did agree to change the status of his departure from a firing to a resignation.
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Personal Life
Rick married Joanne Minardi in 1976. They had six children together, but their son, Daniel, died tragically from congenital heart failure in 1987 at just six months old. The couple started the Daniel Pitino Foundation in his memory to help raise money for children in need.
Pitino authored a self-help book called "Success is a Choice" and published an autobiography titled "Born to Coach." His book "Rebound Rules" was the top seller at the 2008 Kentucky Book Fair. In 2018, he released "Pitino: My Story," detailing his version of events regarding the Adidas and University of Louisville scandals. Rick has served as a motivational speaker on more than one occasion.
Pitino has also been involved in the sport of Thoroughbred horse racing as a partner in Celtic Pride Stable and Ol Memorial Stable. Rick's stable, RAP Racing, owns a 5% share of Goldencents, the horse who won $750,000 at the 2013 Santa Anita Derby and finished 17th in the 2013 Kentucky Derby despite having 8/1 odds of winning.
Rick Pitino Salary
Pitino's annual salary is $7.7 million.
Miami Mansion
In November 2017, Pitino listed his 12,000-square-foot Miami mansion for $29 million. One month later, he dropped the asking price to $26 million. He purchased the house in 1999 for $5.4 million. He finally sold the property in April 2020 for $17 million. Here is a video tour of his former mansion, which is located on the exclusive Indian Creek island:
