Richard Pitino, the current head coach of the men’s basketball team at the University of New Mexico, has recently formalized a contract extension that will secure his position with the team until the conclusion of the 2028-29 season. This development follows Pitino’s notable achievements during the previous season, notably leading the Lobos to victory in the 2023 Mountain West Conference Championship, effectively ending the university’s decade-long NCAA Tournament drought.
According to a report by KOB 4, the terms of Pitino’s revised contract encompass a significant increase in his remuneration. In the final year of his contract, Pitino is set to receive a generous sum of $1.4 million. Moreover, a yearly raise of $50,000 has been stipulated, with his earnings for the upcoming season amounting to $1.2 million. The breakdown of his compensation for the following years is as follows: $1.2 million for the 2024-25 season, $1.25 million for the 2025-26 season, $1.3 million for the 2026-27 season, and $1.35 million for the 2027-28 season.
The terms of Pitino’s contract also encompass additional performance-based incentives. Going forward, he will be entitled to a bonus of $25,000 for a Mountain West Regular season title (either sole or shared), reflecting a substantial increase from the previous bonus of $10,000. Similarly, securing a Mountain West Conference Tournament title will render Pitino eligible for an additional $15,000, up from the previous bonus of $10,000.
This extension stands as a pivotal milestone in Pitino’s tenure at the University of New Mexico, underscoring his renewed commitment to guiding the team towards sustained success in the years to come. With an enhanced incentive structure and an extended commitment, both the coach and the university are primed for an exciting and prosperous future.
The University of New Mexico’s decision to extend Richard Pitino’s contract underscores their unwavering trust in his leadership and coaching prowess. As Pitino embarks on his fourth season with the Lobos this autumn, his steadfast dedication to the team’s success undoubtedly underpins this momentous development.
In summary, Richard Pitino’s contract extension with the University of New Mexico heralds a new era for the men’s basketball team. With a promising outlook, both the university and its supporters can anticipate the continued growth and triumph of the team under Pitino’s accomplished stewardship.
Source:
University of New Mexico Athletics