Rick Pitino and Louisville, the Hall of Famer’s employer from 2001-2017, have ended their legal battle regarding his exit from the men’s basketball program.
When the Cardinals fired Pitino in October 2017, he received no money from the school.
“Pitino’s personal file shall reflect that his employment with ULAA ended as a result of a resignation,” the settlement said.
The agreement also states it is not an admission of guilt from Pitino nor Louisville.
On Nov. 30, 2017, Pitino sued the University of Louisville Athletic Association (ULAA) for more than $38.7 million for breach of contract – the amount left on his contract, which was meant to run until June 2026 – with counterclaims coming from the ULAA a couple weeks later searching for reparations for damages the coach had caused.
It all stemmed from a scandal at the heart of Pitino’s program, which included federal bribery and fraud, one of many dramas the coach has endured during his career.
“Today I move on to a new chapter in my life,” Pitino said in a statement he sent WLKY. “Against my lawyer’s advice I’m dropping my lawsuit with ULAA. I am very proud of the many accomplishments my teams achieved at Louisville. I’m so thankful and honored to coach such dedicated athletes.
“I’m also disappointed in how it ended. But as head coach I am held responsible for the actions of all team members.
“I still have so much passion for the game and so many goals I want to achieve. From this day forward I start my climb.”
Louisville athletic Director Vince Tyra voiced his approval for the saga’s end.
“It’s an exciting day for the university,” he said. “It’s a terrific day for us to get this behind us and I’m sure that the other side feels the same.”
Pitino spent the 2018-19 season as the head coach of Panathinaikos in Greece, where he helped the club win a championship.