The ever-changing world of college basketball, where Name, Image & Likeness (NIL) and the transfer portal have become vital parts of any high-major program’s success, hasn’t scared off Rick Pitino.
It may have led other legends to call it quits early, or at least played a role in their decisions to retire, but Pitino has leaned into it.
He used the portal to remake the St. John’s roster in his first season as coach, and he has embraced NIL, too.
One prime example: The 71-year-old, Hall of Fame coach recently brought in Jim Riley, a St. John’s alum and recently retired partner and managing director from Goldman Sachs New York, to speak to the team about finances and how to handle their money.
“We’ve already talked with the players about taxation. He came in to talk about how money is compounded,” Pitino said ahead of his St. John’s coaching debut, Tuesday night against Stony Brook at Carnesecca Arena. “Basically, how you should save, investing and how money is compounded. … This is a new world for these guys, paying taxes, making money. Hopefully, it won’t stop.”
For most players, the money they receive through NIL goes to help support their families or serves as spending money.
St. John’s has multiple collectives, most notably Storm Marketing and The Flat Top Fund, that were launched to support the men’s basketball program.
Pitino wants to ensure that his players know what to do with their money.
Even before NIL, back in his Louisville days, Pitino said he would have people in the business world come in to talk about his players about the positives and negatives of using a credit card.
Last week, he brought his players to the New York Stock Exchange to ring the opening bell.
“I would like some of them to understand that if you put money in the bank today, you get 5 percent,” Pitino said. “[Riley] talked all about that, how money doubles every eight or nine years. These guys were very attentive. This group is not only highly intelligent, but they want to learn about those things and they want to know about those things. Jim did a great job for us. He’s a St. John’s alum, he’s a big basketball backer and we were excited that he could come in and share his knowledge.”
Riley advised the players about potential investments, and certain things to look for if they do want to go into the stock market.
But Joel Soriano said he’s not ready to go that route.
“I just got into the investing stuff, I’m still kind of learning a lot more about it,” the star center said. “He was telling me to invest in Tesla, but I wasn’t really feeling it. I got a Dodge — so I waste a lot of gas.
“It’s very eye-opening, to be honest with you. I never thought in a million years, college basketball would be how it is right now with NIL. It’s definitely something we should all know. At the same time, I’m still learning about it each and every day.”