Details emerge of Pitino's new deal to coach Lobos: 6 years, $4.975 million - Albuquerque Journal

Details emerge of Pitino’s new deal to coach Lobos: 6 years, $4.975 million

Richard Pitino speaks Thursday inside University Stadium, where he was formally introduced as new Lobo men’s basketball coach. (Roberto E. Rosales/Albuquerque Journal)

Richard Pitino, formally introduced Thursday as the 22nd men’s basketball coach at the University of New Mexico, has a reached a deal for six years and $4.975 million before bonuses.

The Journal on Thursday obtained a copy of the term sheet Pitino signed with UNM for his new job. Buyout terms and bonus structure are part of the agreement, but not yet finalized.

The 38-year-old takes over the Lobos program after he coached eight seasons at the University of Minnesota, where he was fired Monday evening and accepted the UNM job Tuesday morning. He interviewed for the New Mexico job Saturday in Chicago, and his Monday firing at Minnesota was more formality than surprise).

Details of his buyout with Minnesota are still not public, though his $1.75 million contractual buyout term included language that it would be mitigated to an unspecified amount if he found a new job.

Here are the details of the UNM deal:

Overview:

• 6 years

• $4.975 million total

• $775,000 base salary and compensation in Year 1

• $800,000 base salary and compensation in Years 2-6

• $100,000 retention bonus after Year 4; another $100,000 retention bonus after Year 6

Salary breakdown:

• Base salary: $400,000/year

• Media obligations: $200,000/year

• Program promotion: $175,000 in Year 1/$200,000 annually in Years 2-6

• Retention bonus: $25,000 accrued in years 1-4 for a $100,000 bonus after Year 4; $50,000 accrued Years 5 and 6 for a $100,000 bonus after Year 6

• Relocation: Up to $25,000

• Courtesy car

• Country Club membership

• Tickets to games

Bonus/incentive pay:

• Agreement on the bonus pay has not been reached

Buyout:

• Not yet finalized

Home » Sports » College » Men's basketball » Details emerge of Pitino’s new deal to coach Lobos: 6 years, $4.975 million


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