Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Louisville basketball coach Rick Pitino fired amid corruption probe

Published 10/16/2017, 04:47 PM
Updated 10/16/2017, 04:50 PM
© Reuters. FILE PHOTO: Louisville Cardinals head coach Rick Pitino reacts against the Michigan Wolverines during the second half in the second round of the 2017 NCAA Tournament in Indianapolis

By Chris Kenning

(Reuters) - The University of Louisville fired Hall of Fame basketball coach Rick Pitino on Monday amid a national investigation by the Federal Bureau of Investigation of allegations of corruption in college basketball.

Louisville's athletic association voted unanimously to dismiss Pitino, one of the most successful college basketball coaches in history, several weeks after the FBI alleged money from apparel sponsor Adidas (DE:ADSGN) was used to pay a prospective recruit.

The university placed Pitino and Athletic Director Tom Jurich on leave Sept. 27 after the university acknowledged it was being investigated.

"I have been given no 'cause' for termination of my contract," Pitino said in an affidavit, NBC News reported. He added: "I will fight tirelessly to defend my reputation." His attorney, Steve Pence, told reporters on Monday that Pitino was not involved in the payment scheme and should be reinstated.

"There isn't just a single reason," Louisville interim President Greg Postel said following the announcement. "There were a number of issues that, over time, were brought to our attention. And we simply felt that this was in the best interest of the university and make the decision at this point in time."

Louisville was already on probation for a scandal involving strippers and escorts entertaining recruits and other players in dorm rooms. Pitino has said he was unaware of those events. The NCAA last year vacated the program's wins from 2010 to 2014.

Severance has not been determined, university spokesman John Karman told Reuters. Pitino is owed more than $40 million under a contract that was to run through 2026, he said.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Four assistant college basketball coaches at other schools were among those arrested on federal corruption charges on Sept. 26 after they were caught taking bribes to steer NBA-destined players toward certain sports agents and financial advisers.

Court papers showed the FBI has been investigating the criminal influence of money on student athletes affiliated with the NCAA since 2015.

Pitino, 65, took over at Louisville 16 years ago after spending four seasons with the National Basketball Association's Boston Celtics. Prior to that he was a coach at the University of Kentucky, where he led the men's basketball program back to prominence and won a national title in 1996.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.