"Today we make a commitment to the future of our hugely successful athletics program," U of L President James Ramsey said. "We have come far under consistent, stable leadership, and it's especially important for us to maintain that stability as we prepare to enter the Big East Conference."
In just six seasons, Jurich has transformed U of L athletics into one of the most exciting and successful programs in the country. Besides the move to the Big East Conference and affiliation in the BCS, additional facilities and Title XI compliance have also been major achievements.
For his efforts, Jurich received an enhancement of his current 12-year contract, and will now run through 2016. He also received a raise, boosting his annual salary to $283,000 and will receive $112,000 annually in deferred compensation, up from $70,000.
"I sincerely appreciate the confidence that has been placed in me," Jurich said. "I've said it before, but the pride and passion this community has in our athletics program inspire me to do my absolute best every day. The sky is truly the limit [for us]."
Both Pitino and Petrino's new extensions will carry them both through the 2010 season. Both coaches also received annual salary raises and other incentives and bonuses not called for in their previous contracts.
Since arriving at U of L in March 2001, Pitino has been an economic catalyst for the university. The waiting list for season basketball tickets totals nearly 4,000, while direct and indirect donations to the department total over $7 million since 2001.
Following the announcement, Pitino once again emphasized this will be his last coaching stop.
"I've always known this was my last job," Pitino said. "It's the city I love and though I'm from New York, this is my new home and will be for the rest of my life. Plus, my wife wants to live in Louisville. This is where she chose to live and this is her city."
Petrino said he's totally excited about his new deal and is looking forward to moving into the Big East Conference next year.
"This is the right place for me," Petrino said. "And it is the place I want to be. I think we have the opportunity to compete for the BCS immediately in the Big East."
The funds for the increases in salaries and bonuses will come from private sources, Jurich said.