Report: Pitino received 98 percent of cash in Louisville’s deal with adidas
It turns out that adidas’ last deal with Louisville was mostly just a deal with coach Rick Pitino, at least in the money that changed hands.
Pitino received 98 percent of cash provided by the apparel company in its deal with the school, according to a report from the Louisville Courier-Journal.
In 2015-16, Pitino received $1.5 million from adidas from his personal services agreement while only $25,000 went to the athletic department, according to the Courier-Journal, which obtained the contract under a public records request. In 2014-15, Pitino again received $1.5 million, but the school pocketed just $10,000.
That deal, which was reportedly worth $39 million over five years, between adidas and Louisville expires this July, at which time a 10-year, $160 million contract kicks in. How much of the money, reportedly $79 million in cash over 10 years with the rest of the balance coming in gear, provided by the new agreement would go to coaches is uncertain, according to the Courier-Journal.
Adidas’ agreements with Louisville are under new and intensified scrutiny after 10 people were charged after a federal probe into corruption in college basketball. One of those was adidas employee Jim Gatto, who is accused of conspiring to pay $100,000 to the family of a recruit in order to facilitate him attending Louisville. That recruit is presumed to be Brian Bowen, who later committed and enrolled at the school.
Pitino was effectively fired by the school last week amid the fallout from the scandal.