New deal for Hoiberg at ISU

AMES - Following a day in which reports flew out of the Twin Cities that Minnesota was strongly interested in wooing Iowa State men's basketball coach Fred Hoiberg to take over for the fired Tubby Smith, Iowa State announced at 9:20 Thursday night that Hoiberg agreed to a 10-year, $20 million contract to remain the head coach at his alma mater.

Iowa State Cyclones head coach Fred Hoiberg yells to his players during the first half an NCAA college basketball game against the Iowa Hawkeyes Friday, Dec. 7, 2012 at Carver-Hawkeye Arena in Iowa City, Iowa. (Brian Ray/The Gazette-KCRG)

“At the end of the day, the best move for me was to stay at Iowa State,” Hoiberg told Rob Gray, The Gazette's correspondent in Ames, Thursday night. “It's something I'm really excited for, and my family's very excited. I hope I'm here until I retire.”

Hoiberg met with Iowa State President Steven Leath and Athletics Director Jamie Pollard Thursday night to finalize the deal, which runs through 2023. Hoiberg's previous deal, put together last summer, gave him $1.5 million per year through 2021.

“When I returned to the university three seasons ago, it was a dream come true,” Hoiberg said in a news release. “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,” Leath said in the news release. “I am delighted that he will continue to be our head men's basketball coach and look forward to continue working with both (him) 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 in his prepared statement. “Nobody is better suited to be our head men's basketball coach and we wanted to show (him) 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, several colleges and NBA teams made inquiries about his coaching their teams, the university said in its news release.

Full terms of the new contract will be announced later.

Minneapolis TV and radio stations were reporting Thursday that Minnesota was “seriously interested” in Hoiberg to fill the job vacated when Tubby Smith was fired last week. One station reported that an offer had been made.

Yahoo Sports was reporting that NBA teams were interested in Hoiberg as well.