Pitino and the Adidas Deal

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    Jumper_Dad's Avatar
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    Pitino and the Adidas Deal

    Is this right? $145,000,000 over 9 years!!! That's an average of over $16,000,000 per year!!!

    Report: Rick Pitino took 98 percent of money in deal Adidas has with Louisville

    A week after being suspended indefinitely because of his involvement in a federal bribery scandal, a new development has reached the surface. The Courier-Journal reported that the Cardinal coach has been receiving 98 percent of the money from Louisville’s current deal with Adidas.

    This a deal that former Louisville Athletic Director Tom Jurich claimed was for the department and the student athletes.

    “It’s for the athletic department,” Jurich said. “It’s for these student-athletes. It’s been earmarked for them.”

    Not so much.

    The report claims that Pitino raked in $3 million over a two-year span, while the athletic department only received $35,000. Over the past nine years, he has made an estimated $145 million just off of the Adidas deal, per the report.

    The current contract expires July 1.
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    Jumper_Dad's Avatar
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    Talk about having a Side Hustle...WOW!

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    Voice of Reason's Avatar
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    I don't think those numbers are accurate. If he made 3 million the past two years and the current year is 9 years long that is "only" 13.5 million - a far cry from 145 million.

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    Quote Originally Posted by Voice of Reason View Post
    I don't think those numbers are accurate. If he made 3 million the past two years and the current year is 9 years long that is "only" 13.5 million - a far cry from 145 million.
    Courier Journal and USAToday's math...not mine. If the deal was front loaded that would explain how it added up in the early years and was only $3,000,000 the last two.

    Evidently the Freedom of Information document release is where they got the numbers.

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    Quote Originally Posted by Jumper_Dad View Post
    Courier Journal and USAToday's math...not mine. If the deal was front loaded that would explain how it added up in the early years and was only $3,000,000 the last two.

    Evidently the Freedom of Information document release is where they got the numbers.
    Ramsey's presidency really started the ball rolling on the university ignoring or delaying FOIA requests as long as possible. Before releasing this info this week, the C-J claimed it had at least 40 pending FOIA requests with the university that were overdue.

    I knew Pitino and Jurich were making a killing on these deals but some of these numbers are absolutely stunning.

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    Quote Originally Posted by Getslow View Post
    Ramsey's presidency really started the ball rolling on the university ignoring or delaying FOIA requests as long as possible. Before releasing this info this week, the C-J claimed it had at least 40 pending FOIA requests with the university that were overdue.

    I knew Pitino and Jurich were making a killing on these deals but some of these numbers are absolutely stunning.
    They really are. I was stunned at the amount Pitino was getting from Adidas. If those reports are true that is much more than the University was releasing as his yearly compensation. I'd always thought the shoe money was part of what was a coaches announced compensation, but no where along the way has that much been accounted for in Pitino's compensation as reported by the Athletics Department.

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    In one year, Pitino reportedly got about $1.5 million while the school got $10,000

    That's on Jurich's watch...and there are still people begging to keep him.

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    How much does it cost Adidas/Nike/Under Armour etc., to produce and sell a pair of $100 shoes???

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    Quote Originally Posted by Mustang View Post
    How much does it cost Adidas/Nike/Under Armour etc., to produce and sell a pair of $100 shoes???
    Guessing less than Pitino's "commission"??

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    Quote Originally Posted by Mustang View Post
    How much does it cost Adidas/Nike/Under Armour etc., to produce and sell a pair of $100 shoes???
    Depends on the shoe and materials, but I would venture to guess less than $10. I'd say a $100 pair of shoes is close to a 1000% markup

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    Just curious, does the IRS know this?

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    jvdfc's Avatar
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    That is all.

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    It's 98% of the cash not the total value of the deal. That is why it is 1-2 million a year not 10 million. Most of the value of the contract is in free product

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