Kentucky coach Rick Pitino was offered a five-year contract
worth $30M to become coach, GM and part owner of the Nets,
according to the N.Y. TIMES. Pitino would likely receive $20M in
salary and an ownership stake worth close to $10M (5-10%) with an
option to purchase more (Selena Roberts N.Y. TIMES, 5/26). Nets
President Michael Rowe hopes to have an answer by today.
However, several sources said Pitino might wait to see if the
Magic show any interest. But the "consensus" seems to be Pitino
is leaning toward the Nets because of the nature of the deal
(Selena Roberts, N.Y. TIMES, 5/29). The Nets have "assured"
Pitino he would have complete operational control of the team and
that a new practice facility would be either built or purchased.
In another "perk," the Nets would make mortgage payments for up
to 18 months on Pitino's home in KY, while providing moving
expenses and a home in NJ (Fred Kerber, N.Y. POST, 5/25). One
potential holdup could be questions surrounding the Nets current
ownership as Pitino would like Nets Chair Henry Taub to remain in
charge and for owners Alan Aufzien, Don Unger and Bernie Mann
(who own 32.5% of the franchise) to be bought out. However, an
expected buyout has yet to come to fruition (Ian O'Connor, N.Y.
DAILY NEWS, 5/27).
