Iowa State releases details of Fred Hoiberg's new contract; he would face $2M buyout

Published May 07, 2013

| Associated Press

It would cost Iowa State coach Fred Hoiberg $2 million to leave the Cyclones for another Division I school under a new contract signed last week and made public Tuesday.

Hoiberg agreed to a new 10-year, $20 million deal in March after leading Iowa State to back-to-back NCAA tournament appearances.

Hoiberg would essentially owe a year's salary to Iowa State if he leaves for another school. Hoiberg's buyout will be just $500,000 if he accepts a job as a head coach or general manager in the NBA.

Hoiberg also receives $250,000 for reaching the Final Four and $100,000 for winning or tying for the Big 12 regular season title.

Hoiberg's new deal, which mirrors one recently signed by football coach Paul Rhoads, runs through 2023.

URL

http://www.foxnews.com/sports/2013/05/07/iowa-state-releases-details-fred-hoiberg-new-contract-would-face-2m-buyout/