Posted at 6:18 a.m., Thursday, May 3, 2007
Louisville's Pitino signs extension, gets raise, bonus
Associated Press
LOUISVILLE, Ky. — Louisville men's basketball coach Rick Pitino signed a three-year contract extension today that will keep him with the Cardinals through 2013.The new deal increases Pitino's annual salary from $1.65 million to $2.25 million a year beginning next season and will pay Pitino $2.5 million a year if he stays until the end of the contract. The contract also boosted a loyalty bonus due Pitino on July 1 from $1 million to $1.75 million.
The 54-year-old Pitino is 142-58 in six seasons at Louisville and led the Cardinals to the 2005 Final Four. Louisville went 24-10 this past season, losing to Texas A&M in the second round of the NCAA Tournament. He is 494-182 in 21 seasons overall and won a national championship at Kentucky in 1996.
"I'm more energetic today than I was 20 years ago," Pitino said. "I'm excited about this basketball team and the opportunities we're going to have down the road."
Pitino began his college coaching career at the University of Hawai'i.
