The athletic director announced Thursday night that Fred Hoiberg will return as Nebraska's men's basketball head coach.
The Cornhuskers dropped to 7-20 overall and 1-15 in the Big Ten after their loss at Northwestern. In three seasons at the helm, Hoiberg has a 6-49 conference record.
Over the past few weeks, I have had several productive meetings with coach Hoiberg, and we agree the results of our team are not acceptable. I've known Fred for a long time and watched him build and lead successful teams.
Fred has presented a plan to me that I believe is in the best interest of the Nebraska athletic department and the men's basketball program. Fred has agreed to restructure his contract so that we can make the changes necessary to reorient our program. I look forward to working with Fred as he executes his vision for the future of Nebraska basketball.
Under the restructured contract, his buyout is $11 million, which is less than the $18.6 million he would have had to pay had he been let go.
When I was hired at the University of Nebraska three years ago, I said it was an honor to be the men's basketball coach.
I appreciate the confidence that university leadership has shown in me. Our results on the court have not been what anyone would have hoped, but I am more committed than ever to building a successful basketball program at Nebraska.
Tim Miles was hired to replace Hoiberg. He was the head coach of the Chicago Bulls for three seasons and the head coach of Iowa State for five, where he led the Cyclones to four NCAA tournaments and one Sweet 16 appearance.
A seven-year, $25 million contract was initially signed by Hoiberg, who was born in Lincoln and whose grandfather was the head basketball coach from 1955- 1963.
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