What Is Nine-Time NBA Champion and Legendary Coach Pat Riley's Net Worth?
|Sources of income
|20 March 1945
|United States of America
|Basketball player, coach, executive
Pat Riley's Net Worth
Pat Riley, one of the greatest basketball coaches and executives in the US, has an estimated net worth of $120 million, per Celebrity Net Worth. Riley is famous for his stint as the head coach of the Miami Heat from 1995 until 2003. He won multiple championships with the team. He also enjoyed significant success with the Los Angeles Lakers during their "Showtime Era." Riley has won five NBA championships as a coach and seven championships overall. Before coaching he was an accomplished player in the NBA and he currently serves as the president of the Miami Heat team.
Miami Heat and Pat Riley surprise Dwyane Wade with statue announcement. Wade County ⚡️ pic.twitter.com/nmKtbIJJX3— Sports of Life (@SportsOfLife_) January 15, 2024
Most recently, during Dwyane Wade's Hall of Fame night, Riley grabbed headlines as he announced that in Fall 2024, Wade will get the first statue in franchise history outside the team’s arena. "When we retired his jersey in February 2020, I said Dwyane was the face of this franchise forever, and I meant it," Riley said at the event as per a FanNation report.
Sources of Income
Career as a Basketball Player
Patrick James Riley was born in Rome, New York, and was raised in Schenectady. His father Leon Riley was a minor league baseball player who played in four games for the Philadelphia Phillies. Riley showed basketball potential during his high school years. He continued to play both football and basketball in college at the University of Kentucky.
He was drafted by both the San Diego Rockets of the NBA and the Dallas Cowboys of the NFL upon his graduation. Giving up a career as a wide receiver, Riley chose to pursue a life in basketball and joined the Rockets.
He was eventually traded to the Los Angeles Lakers and in 1972, he helped the Lakers win the NBA Championship. He finished his playing career after the 1975-76 season with the Phoenix Suns.
Career in Basketball Coaching and Other Roles
Riley was first called in to act as assistant coach to Paul Westhead for the Lakers on an emergency basis in 1980. That year, the Lakers won the NBA Finals but failed to reach the playoffs the next season. However, Riley was still named as the head coach as he had made a name for himself with his Armani suits and slicked-back hair. This marked the beginning of the Lakers’ "Showtime" era.
The Lakers went on to make four consecutive appearances in the NBA Finals, winning three championships in the famed "three-peat" rally. Riley later trademarked that phrase.
Eventually, Riley stepped down as Lakers coach and joined the New York Knicks in 1991. However, he resigned from the Knicks in 1995 to become the head coach of the Miami Heat. He then stepped down from the position in 2003 and in 2005, rejoined the team as head coach, and managed to win the championship for the fifth time as a coach in 2006. He was then appointed as the president of the Miami Heat.
His contract with the Miami Heats was reportedly worth $40,000,000 as per The Richest. Riley reportedly earns a salary of $11 million serving as the President and GM of the Miami Heat.
Riles & Co. and The Famous "Three-peat" Trademark
In 1988, during his stint with the Lakers, the team entered the NBA finals looking to secure their third straight championship and the "three-peat" phrase became a rallying cry. However, the three-peat never happened as the Lakers were swept in four games by the Pistons.
Being one of the shrewdest minds in the history of basketball, Riley applied to trademark the term "three-peat" through his corporate entity "Riles & Co." The application was eventually approved and trademark #1552980 was granted. This meant Riley had to be paid a licensing royalty every time someone decided to use the phrase.
Pat Riley trademarked “Three-Peat” after his Lakers won two in a row in 1988.— Darren Rovell (@darrenrovell) May 4, 2020
They didn’t repeat in 1989.
Riley did get paid on his trademark.
First by the team who beat his Knicks in the Eastern Conference Finals in 1993. pic.twitter.com/R7TXPrFLPL
The decision paid off massively for the basketball executive as a few years later in 1993, when the Chicago Bulls pulled off two three-peats, Riley made about $300,000 in royalty fees. Further in 1998, the royalty income doubled to nearly $600,000 as Riles & Co cashed in on dozens of other three-peat occurrences.
Real Estate and Other Assets
Riley purchased a massive mansion in Miami along with his wife in 1996 for $6.3 million. He reportedly sold the property for $16.75 million in 2012. The property features five bedrooms and over 900 feet of waterfrontage.
Further in 2014, Pat reportedly listed two Bungalow-style homes in Malibu for rent. The beachfront properties offered tenants stunning views of the ocean. The first home was put on the rental market for $18,500 per month, while the other was available for $16,500 per month, as per Celebrity Net Worth. Riley owns a third home in a gated neighborhood in Malibu. He purchased the property in 2007 for $7 million.
Riley reportedly invested in a new condo in Miami in 2019. Along with his wife, Riley paid $8 million for the home, which lies in the Four Seasons Residences building at the Surf Club in Surfside. The property features 3,948 square feet of living space, four bedrooms, and several high-profile celebrity neighbors.
Riley is quite an enthusiast when it comes to vintage cars. His grand collection includes several classics like a 1950 Mercury, a 1971 Camaro SS, and more.
Riley met his wife Chris Rodstrom sometime in 1967, at a time when Riley was drafted with the seventh overall pick in the 1967 NBA draft. They got married in 1970 and they have been together for over 50 years. They have two children, Elisabeth Riley and James Riley.
Awards And Recognition
2008 Basketball Hall of Fame
2012 Chuck Daly Lifetime Achievement Award from the NBA Coaches Association
How old is Pat Riley?
Pat Riley is 78 years old.
Who is Pat Riley's wife?
Pat Riley is married to Chris Rodstrom.
How many rings did Pat Riley win?
Pat Riley has won nine NBA championship rings in various roles.
Why is Pat Riley so famous?
Pat Riley is one of the most successful National Basketball Association (NBA) coaches of all time who has won nine championships in his career.
What is the net worth of Pat Riley?
Legendary basketball coach and executive, Pat Riley has an estimated net worth of $120 million as of 2024.
How many times has Pat Riley reached the finals?
Pat Riley has reached the finals 19 times. This includes three appearances as a player, one as a Lakers assistant coach, seven times as Lakers head coach, once as Knicks coach, once as Heat coach, and six times as a Heat executive.
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