Contract Shows 98% of $39M Adidas Contract Paid To Louisville Went Straight To Rick Pitino
Since 2001, Rick Pitino had been a staple at the University of Louisville, even winning the National Title in 2013. But none of that matters when the FBI gets involved after shady deals have been discovered.
The Courier-Journal reported on Thursday that 98 percent of the money from the athletic department’s sponsorship deal with Adidas over a span of two seasons went directly to Rick Pitino.
“In 2015-16, for example, $1.5 million went to Pitino under his personal services agreement with the apparel company while just $25,000 went to the program, according to a contract obtained by the Courier-Journal under the state public records act.
The year before, Pitino also got $1.5 million, while the department banked just $10,000.”
Pitino, who is currently on unpaid leave because of his coaching staff’s involvement in a corruption scandal, was the highest-paid coach in the sport last season at nearly $7.8 million.
It gets even worse when you realize that the university was forced to lay off employees because of a $48 million budget shortfall.
Louisville is set to get a new 10-year, $160 million apparel deal from ADIDAS when their current five-year apparel deal expires next July.