Memphis has fired head basketball coach Tubby Smith. The university has just issued the following statement:

“After considerable deliberations & in the best financial interest of the University of Memphis, an agreement of separation with Head Men’s Basketball Coach Tubby Smith has been reached. Details are to be finalized, & no further comment will be offered.”

Smith went 40-26 in his two seasons with the Tigers, but dwindling attendance and lack of post season play hurt his cause. He is owed a reported $9.75mm on his contract.

More on this story as it develops.