New Mexico introduced Richard Pitino as its new men's basketball coach Thursday, also revealing the details of his six-year contract worth nearly $5 million.
Pitino, who was hired by the Lobos on Tuesday, will make $775,000 in salary and compensation in his first year at New Mexico, according to a contract agreement obtained by the Star Tribune.
Pitino, who replaces Paul Weir, spoke to a crowd gathered on New Mexico's football field Thursday about his new program and the ending of his eight-year tenure with the Gophers, who finished 14-15 this season.
"We had some great moments," he said. "The key now is can we do that here with greater stability."
The Gophers have yet to say whether Pitino's new employment will save them the full amount of Pitino's $1.75 million buyout on his Minnesota contract.
Gophers athletic director Mark Coyle said Tuesday that conversations would take place on how the buyout would be handled with his hiring by the Lobos.
"We'll work closely with them on the buyout," Coyle said. "With him taking a new job, it triggers some different clauses in the contract."
In Pitino's second through sixth year at New Mexico, his salary and compensation will total $800,000 annually. The entire deal with the Lobos is worth $4,975,000, not including bonuses.
Pitino, 38, had three years left on his Gophers' contract that was to pay him $2.46 million annually through the 2023-24 season. Pitino's contract stated buyout payments would stop once he found comparable employment, including a Division I job.