Iowa State men’s basketball coach Fred Hoiberg has agreed to a 10-year, $20 million contract to remain the head coach at his alma mater.

Hoiberg met with Iowa State President Steven Leath and Director of Athletics Jamie Pollard Thursday night to finalize the deal, which runs through 2023.

“When I returned to the University three seasons ago, it was a dream come true,” Hoiberg said. “The progress that we have made so far has been very rewarding, but there is more work ahead. I sincerely appreciate the support that President Leath and Jamie (Pollard) have given me. Ames is my home and Hilton Coliseum has given me countless memories as both a player and coach. I look forward to continue leading a program that Cyclone fans can be proud of.”

“We appreciate everything that coach Hoiberg has done for Iowa State University,” President Leath said. “I am delighted that he will continue to be our head men’s basketball coach and look forward to continue working with both he and Jamie in helping us build an athletics program that our alums can take great pride in.”

“I am very excited that we were able to put together a financial package that allows Fred to remain an integral part of our Cyclone family,” Pollard said. “Nobody is better suited to be our head men’s basketball coach and we wanted to show he and his family, along with all Cyclone fans, that we are committed to keeping him in Ames for the long term.”

After guiding the Cyclones to consecutive NCAA Tournament appearances (2012 and 2013) for the first time since 2000-01, several universities and NBA teams made inquiries to him about coaching their teams. Hoiberg, however, decided to strengthen his commitment to the Cyclones and continue building the Iowa State program.

Full terms of the contract will be available at a later date.