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 LOUISVILLE, Ky. (AP) - Rick Pitino signed a three-year contract extension with the Louisville Cardinals on Thursday that could keep him at the school through 2013, long enough for a highly anticipated downtown arena to open.
"I'm a very lucky, I was going to say young man, but I'm a very lucky old man," the 54-year-old Pitino said with a laugh.
The new deal increases Pitino's annual salary from $1.65 million to $2.25 million beginning next season, and will pay him $2.5 million a year if he stays until the end of the contract. The contract also boosted a loyalty bonus due Pitino on July 1 from $1 million to $1.75 million. He'll receive loyalty bonuses of $3.6 million in 2010 and 2013 if he remains with the school.
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