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Rick Pitino is no stranger to change. He has coached at every level of basketball, from college to the NBA to Europe, and has collected trophies and awards along the way.
Pitino is returning to the Big East, where he first made a splash as a young coach at Providence in the 1980s. The 70-year-old has now taken on a challenge at St. John’s Red Storm, a program searching for its past glory for years.
He is not doing it for the money, as Pitino already has plenty of that. According to Celebrity Net Worth, Rick Pitino's net worth is around $50 million, making him one of the wealthiest coaches in sports. He has earned his fortune from his long and successful coaching career, as well as from endorsements, book deals and investments.
Pitino has also spent a lot of it on legal fees and settlements. He has been sued over allegations of recruiting scandals, adultery, abortion payments, illegal payments to recruits, strippers for players, FBI investigations, NCAA violations and more. He has denied most of these accusations and has fought back against some of his accusers.
Rick Pitino’s salary and contract details with St. John’s
Pitino's latest contract with St. John's reflects his desire to coach more than anything else. He signed a six-year deal worth around $20 million, according to a source familiar with the negotiations.
That means Pitino will earn an average of $3.33 million annually, making him one of the highest-paid coaches in the Big East Conference. It's also a significant pay cut from his previous salary at Louisville, where he made $7.7 million per year before being fired in 2017.
But his salary at St. John’s is higher than what he was making at his previous job at Iona College. According to The Journal News, Pitino earned $1.25 million yearly at Iona, where he coached for three seasons and led the Gaels to two NCAA tournament appearances.
However, Rick Pitino still had to pay a hefty price to leave Iona, where he coached for three seasons and led the team to two NCAA tournament appearances. He had a $5 million buyout clause and guidelines the university agreed to follow if attempting to terminate the contract, including a ten days notice in his contract with Iona, which he had to negotiate with the school's president.
"I had a great experience at Iona," Pitino said. "They gave me a chance when no one else would. They treated me with respect and kindness. They have a great fan base and a great tradition. It was hard to leave them."
Pitino said he decided to take the St. John's job because he felt a connection with the school's athletic director Mike Cragg, who worked with him at Louisville for 11 years. He also said he was impressed by the school's commitment to basketball and its vision for the future.
Rick Pitino is not done yet. He is back in the Big East, where he belongs.
