After 10 years as the head coach of the University of Maine Men’s basketball team, Ted Woodward was bought out of the remaining two years of his contract the school announced Monday.
According to a release from the University “He (Woodward) 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.”
Woodward finished with a record of 117-178 in his ten years, after the Black Bears finished 6-and-23 during the 2013/2014 season. Maine has not won an America East postseason game in nine years.
The University announced a national search for a new head coach will begin immediately.