The extension adds five years to Pitino’s current deal and runs through 2022. Athletic Director Tom Jurich and the coach are working on final contract language and terms.
ULAA also authorized new artificial turf at Papa John’s Cardinal Stadium and Patterson Stadium to be installed next year, and resurfacing of the track for the men’s and women’s track and field teams in 2014. The total estimated cost of the three projects is $2.35 million, according to Sr. Assoc. Athletic Director Kevin Miller.
The ULAA board also approved the FY 2012 audited financial statements. The statements show UofL athletics had net assets of $117 million and operating expenses of $72.3 million at the end of June. They also show 83 percent of total revenues coming from basketball and football ticket sales.
“It’s a fairly strong and favorable balance sheet,” said UofL Vice President for Finance Mike Curtin.