Anfernee “Penny” Hardaway, a name synonymous with basketball prowess, made an effortless transition from NBA prominence to a notable coaching career. His journey from dazzling on the court to guiding future stars demonstrates his long-lasting impact on the sport.
Penny Hardaway’s Salary & Contract in 2025
Hardaway serves as the head coach of the Memphis Tigers men’s basketball team in 2025. In October 2022, he signed a six-year contract extension for $16.5 million, securing him leadership until the 2027-28 season.
The deal began with a $2.5 million annual compensation for the 2022-23 season, with a $100K increment each year subsequently.
The University of Memphis expressed confidence in Hardaway’s vision when announcing the extension, highlighting his dedication to restoring the program’s prominence.
Penny Hardaway’s Net Worth
Hardaway’s net worth is expected to be $50 million in 2025. This significant wealth originates from his illustrious NBA career, prosperous endorsement deals, and current coaching position.
During his NBA career, Hardaway made more than $120 million in salary, with his top yearly earnings of $15.75 million with the New York Knicks in 2005-2006.
Apart from his player earnings, he earned nearly $20 million in endorsements, including his participation with Nike on the classic “Lil Penny” ad.
When Hardaway switched to coaching, his financial standing improved even further. His initial five-year contract with the Memphis Tigers, signed in 2020, was worth $12.25 million, with an average annual salary of $2.45 million.
The subsequent 2022 extension raised his pay while also reinforcing his vital role in the program’s goals.
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Hardaway’s financial portfolio is further diversified by smart business initiatives such as real estate investments and the ownership of a barbershop and beauty salon in downtown Memphis.
These activities demonstrate his abilities both on and off the court, further strengthening his reputation as a major figure in basketball and finance.
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