Rick Pitino likens St. John's to a 'bank' in terms of NIL money
St. John's head coach Rick Pitino speaks at the unveiling of St. John's 2024-25 Big East Championship banners and his National Coach of the Year banner on Nov. 3, 2025. Credit: AP/Angelina Katsanis
St. John’s coach Rick Pitino believes his No. 5-ranked Red Storm got a lot out of playing the two exhibition games against Towson and seventh-ranked Michigan, but he wasn’t only talking about the players getting experience together in high-level games.
He also was talking about the program taking in Name, Image and Likeness money.
After St. John’s season-opening 108-74 win over MAAC favorite Quinnipiac on Monday — and after leading scorer Dillon Mitchell lauded the exhibitions for preparing the team — Pitino was asked about the idea of teams being permitted a third exhibition game next season.
He replied, “I think, from a money-making standpoint with NIL and everything, why not? Why would you cut back on that? It’s so tough to raise money today . . . Getting three or four exhibition games is a great thing financially for the school to ease their burden.”
And about the team’s play? “No question — it doesn’t hurt.”
The NIL money that flows into the program is essential to the Red Storm, who, according to 247sports.com, are one of 10 teams with more than $10 million being spent on the men’s basketball roster.
St. John’s does take advantage of the revenue-sharing aspect of the NCAA v. House settlement that allows schools to put up to $20.5 million into athletics, but on Thursday morning, Pitino said on WFAN’s “Boomer and Gio” program that whatever money St. John’s allocates to the program is only a loan.
“St. John’s, they’re like a bank for us,” he said. “St. John’s will loan us the money to pay the players. Then we have to go out about two or three nights a week trying to fundraise.
“Now we do have Mike Repole, who gives us about 40% of what we spend, and then we have to go raise the other 60% and pay the school back,” Pitino added, referring to the billionaire alumnus, entrepreneur and ardent Red Storm supporter. “So the school really is not giving us a whole lot.”
The exhibition against Michigan was sponsored by Bad Boy Mowers and produced NIL money for the programs. The Players Era Festival in Las Vegas, where the Red Storm will play three games Nov. 24-26, also will have an NIL benefit. Last season, St. John’s participation in the Vice docuseries “Pitino: Red Storm Rising” also brought in NIL money.
Fundraising at St. John’s to finance the financial commitments to the players on the basketball roster is going on beneath the surface in many things. As Newsday first reported, season ticket prices were increased approximately 30% with that in mind, though season-ticket holders are getting more experiences at the Garden.
Athletic director Ed Kull said the school also has embraced some sponsorships and licensing agreements to generate revenue streams.
“We’ve put together a plan for reaching a revenue goal to be sure that by the end of the school year, we meet all of our commitments,” Kull said. “There are many things we’ve done to create streams to accomplish that and keep our basketball program at a] championship level.”
Pitino added that for the most part, the money that comes into the programs and flows to the players hasn’t really changed them.
He was asked on the radio show about the Big East championship rings he and the four returning players from last season received in a pregame ceremony and Mitchell’s comment that watching that made him want one.
Pitino said of the current players’ goals, “It’s the greatest misconception because they’re being paid. I would say there’s no difference than 20 years ago. The pay means nothing at all to them — as a matter of fact, I would say that 90% of the players give the money to their families. So it’s really not the compensation.
“If you watch this practice,” he added, “you wouldn’t think it was any different than 25 years ago . . . no different than Kentucky, Louisville, Providence.”
He added that the biggest impact of the influx of money to the college game is that it makes it tougher for mid-major programs to compete.
“The pay is . . . a really good thing for St John’s,” he said. “It may not be good for some of the other schools, like mid-majors . . . but it also keeps the players around longer in college basketball.”
Kull said St. John’s is approaching 15,000 in ticket sales for Saturday’s game against No. 15 Alabama at the Garden.
Roger Rubin returned to Newsday in 2018 to write about high schools, colleges and baseball following 20 years at the Daily News. A Baseball Hall of Fame voter since 2011, he has covered 13 MLB postseasons and 14 NCAA Final Fours.
