LINCOLN–(AP Feb. 24)–Nebraska men’s basketball coach Fred Hoiberg will return for a fourth season but has agreed to a pay cut and a reduced buyout if he’s fired after next season.
Nebraska Athletic Director Trev Alberts made the announcement on Thursday night, saying Hoiberg’s salary will be reduced to $3.25 million from $3.50 million, and he will forfeit a $500,000 retention bonus. Hoiberg’s contract buyout was reduced from $18.5 million to $11 million.
Hoiberg is 21-65 overall and 6-49 in the Big Ten entering a home game against No. 25 Iowa on Friday. The Huskers are 7-20 this season, with just one win in Big Ten play.
Here’s the following statement from Alberts:
“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. No one is more disappointed or frustrated than Fred Hoiberg. I have 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 long-term interest of the Nebraska Athletic Department and our men’s basketball program. Additionally, Fred has agreed to restructure his contract to help us make the changes that are necessary to reorient our program. I believe in Fred and look forward to working with him as he executes his vision for the future of Nebraska men’s basketball.”
Statement from Coach Hoiberg:
“As I said when I was hired three years ago, it is an honor to be the men’s basketball coach at the University of Nebraska, and I am excited to continue to lead the Husker program. This has always been a special place to me and my family, and we have grown to love the Lincoln community in our time here.
“I appreciate the confidence that Trev Alberts and 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.”