LOUISVILLE, Ky. (WAVE) - The University of Louisville (UofL) Athletic Association has reached a deal with former University of Louisville basketball coach Rick Pitino.
Pitino sued the UofL Athletic Association to reclaim $38.7 million from his contract which was voided after his 2017 termination.
On Wednesday morning, UofL Vice President for Intercollegiate Athletics/Director of Athletics Vince Tyra announced that their deal included a stipulation that no money would exchange hands. This means that Coach Pitino and UofL have mutually agreed to dismiss their legal claims against each other, designate his departure as a resignation, and move forward, according to a joint statement released on Wednesday morning.
"I think it's a terrific outcome," Vince Tyra said in a press conference after the meeting.
In a unanimous vote on October 16, 2017, Pitino was fired for cause by the ULAA board. However, the settlement between Pitino and ULAA agreed to today includes language that he “resigned.” The settlement also says that neither party admits to any liability or unlawful conduct. This is to avoid the uncertainty and cost that litigation could bring.
Pitino sued the association for breach of contract after firing amid the FBI’s pay-for-play investigation. The scandal rocked several high-profile college basketball programs, most notably UofL, whose 2013 national championship was vacated following the so-called “Strippergate,” another scandal that took place on Pitino’s watch.
Tyra explained that both sides went through mediation last week which led to the Wednesday morning announcement.
"I think we were solid in our stance from the beginning; this was zero liability for us," Tyra stated.
The federal judge overseeing the settlement still has to approve the terms.
The University of Louisville and Pitino released the following joint statement:
Coach Rick Pitino issued the following statement per his lawyer: