Penny Hardaway Net Worth, Salary and Contract

Penny Hardaway is the head coach for his alma mater, the Memphis Tigers, at the University of Memphis for the 2023–24 season. At 52 years old as of January 2024, this former NBA player had a 14-season career, earning two All-NBA First Team recognitions and making four NBA All-Star appearances.

Transitioning from player to coach, Hardaway's coaching journey began at East High School in Memphis from 2015 to 2018. During this period, he implemented an academic assistance program, emphasising the importance of both academics and sports. In 2018, he joined Memphis as the head coach and led the team to an 110-52 record and five consecutive 20-win seasons, the 2021 National Invitation Tournament, a 2023 American Conference title and earning a spot in the 2022 and 2023 NCAA Tournament.

Hardway, born in Memphis, Tennessee, on July 18, 1971, was raised playing basketball at Treadwell High School and was named National High School Player of the Year by the Parade Magzine in his senior year. At the University of Memphis, he pursued a major in Education at Memphis State and maintained a 3.4 cumulative GPA. Finally, in the 1993 NBA draft, he was the first-round pick by the Golden State Warriors, only to be traded to the Orlando Magic later that year.

Penny Hardaway’s Net Worth

Penny Hardaway’s net worth is estimated to be $50 million as of January 2024. The NBA offered Hardaway contracts worth $120 million during his playing days. He also had a stint at acting, which included appearances in the 1994 film "Blue Chips" and the 1992–1997 television show "Hangin' with Mr. Cooper."

Hardaway has had various endorsements in the past, the most noteworthy being the 1995 Nike "Lil Penny" campaign, in which he signed an exclusive deal to endorse a trademark line of performance footwear. He reportedly turned down a $7 million offer from Converse in favour of Nike, though it is unknown how much he made.

Hardaway's investments include a Miami-based turf company in addition to a downtown Memphis barbershop and beauty salon. He started investing in Tradeblock, a tech business, in 2023 with the goal of increasing accessibility to sneaker trade, particularly in lower-class neighborhoods.

Suiting his lifestyle, Hardaway's Memphis mansion is worth $4.25 million; the 10,000-square-foot property has five bedrooms, four baths, a wine cellar, and a guest house. Reportedly, his car collection includes an Aston Martin, a Range Rover, a Mercedes, and a Jaguar.

Penny Hardaway’s Career Earnings

Penny Hardaway's initial 2018 contract was worth $4.8 million for three seasons; it was then extended by Memphis for $16.5 million over six years. So, as of January 2024, his coaching career has paid him $7.3 million.

Before taxes and lifestyle fees, Hardaway's NBA career earnings totaled $120 million. Reportedly, he also received about $20 million in revenue from several endorsements.

Penny Hardaway’s Salary

For the 2023–24 season, Penny Hardaway will receive a salary of $2.6 million; this amount will rise by $100,000 until 2027–2028.

Penny Hardaway’s Contract

In 2022, Hardaway signed a six-year contract extension with Memphis. As per the contract, he will remain in charge through the 2027–2028 season, worth $16.5 million over the course of six years. His salary for the 2022–2023 season is set at $2.5 million, with yearly raises of $100,000 for the duration of the contract.

Several performance-based incentives are included in Hardaway's contract in addition to his base salary:

• Conference championship or NCAA Tournament appearance: $50,000

• Conference Coach of the Year award: $50,000

• National Coach of the Year award: $75,000

• Tigers reaching the Sweet Sixteen: $75,000

• Tigers reaching the Elite Eight: $75,000

• Tigers reaching the Final Four: $150,000

• Tigers winning the national championship: $250,000

• Tigers achieving a four-year academic progress rate of at least 975: $10,000

Furthermore, Hardaway's yearly salary will increase by $500,000 if the Tigers are able to make it into the Elite Eight.

If, during the first three years of the contract, he leaves for a head coaching or administration role at another university, there will be a $2 million buyout. If he departs in the fourth or fifth year, there will be a $1.5 million buyout. $1 million buyout should he depart during the last year.

Penny Hardaway Contract Breakdown

The yearly cash will include bonuses as well, if any.

Penny Hardaway’s Contract History

Penny Hardaway started his coaching career at East High School in 2015 and worked as an assistant coach there until 2017. Then onwards, he was their head coach in 2017-2018, and finally taking over as head coach of the Memphis Tigers in 2018.