Rick Pitino, Louisville settle lawsuit

INDIANAPOLIS, IN - MARCH 19: Head coach Rick Pitino of the Louisville Cardinals looks on in the first half against the Michigan Wolverines during the second round of the 2017 NCAA Men's Basketball Tournament at the Bankers Life Fieldhouse on March 19, 2017 in Indianapolis, Indiana. (Photo by Joe Robbins/Getty Images)
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The University of Louisville and former head coach Rick Pitino have reached a joint agreement to drop their lawsuits against each other.

The two sides “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 that was released by the University and Pitino. Pitino will not be paid any money as a result of this settlement, but he departure will now be classified as a resignation, effective Oct. 3rd, 2017.

Pitino had sued Louisville for somewhere around $40 million.

“For 17 years, Coach Pitino ran a program that combined excellence on the court with a commitment to the program’s student-athletes, their academic achievement, and their futures in and out of basketball,” the state said. “Nevertheless, there were NCAA infractions during his term which led to serious consequences for the university. Although these infractions may not have occurred at Pitino’s direction or with his knowledge, the problems leading to NCAA infractions happened under his leadership. We thank Coach Pitino for his years of service to the University of Louisville basketball program and wish him well.”

“Today I move on to a new chapter in my life,” a statement from Pitino reads. “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.”