University of Maine President Paul Ferguson has announced that the university will buy out the contract of men’s basketball head coach Ted Woodward, ending his tenure as coach effective April 14, 2014. The decision was reached after several weeks of evaluation of the program by Director of Athletics Karlton Creech and university administration.

"I would like to thank Ted for his service to the University of Maine, the last 18 years as both a head coach and an assistant," said Creech. "Ted’s commitment to the University of Maine and its student-athletes — both athletically and academically — have been the trademark of his tenure here."

Woodward had two years remaining on his contract extension. He will be paid a 13-month buyout of approximately $113,800 related to one year’s salary. UMaine will use only privately raised funds from the President’s Discretionary Account to meet that obligation. No funds will be reallocated from the current university budget committed to academic programs, or faculty, student or operational needs.

A formal national search for Woodward’s replacement will begin immediately.

Woodward recently finished his 10th season as head coach of the Black Bears, compiling a record of 117-178 with the program.

Woodward came to the University of Maine in 1996 as the top assistant and recruiting coordinator for then head coach John Giannini. He also served as an assistant coach at Central Connecticut State University and Harvard, after beginning his career as a graduate assistant at UConn. Woodward also coached golf at the University of Maine from 1997-2001.