Austin, TX (SportsNetwork.com) - Texas and men's basketball coach Rick Barnes announced a mutual parting Sunday.

Multiple reports Saturday night indicated that Barnes was fired after 17 seasons at the helm, but the university and the coach jointly announced the split Sunday.

"I am so blessed to have spent the last 17 years at the University of Texas," said Barnes in a statement. "This university, the city of Austin and the great Texas fans have been so good to me and my family. I sincerely want to thank (former Texas men's athletic director) DeLoss Dodds and (former Texas chairman of the Board of Regents) Don Evans for their work in bringing me here and providing me with this great opportunity."

Barnes became the winningest coach in program history eight years ago and led Texas to the NCAA Tournament 16 times, reaching as far as the Final Four in 2003.

This year's squad finished 20-14, falling to Butler in its NCAA Tournament opener last week.

"I leave this job with no regrets," Barnes added. "Instead, I look back at our time here and say 'thank you' to all the players, coaches and staff who have worked with our program throughout the last 17 years."

Barnes guided the Longhorns to a record of 402-180 during his tenure, reaching the 20-win plateau 15 times. Texas claimed three Big 12 titles under Barnes, in 1999, 2006 and 2008, and set a school record with 13 consecutive 20-win seasons from 1999-2000 through 2011-12.

"The university owes Rick a great deal of gratitude and respect for all he's done to put Texas on the basketball map," said athletic director Steve Patterson. "He elevated our program immensely and always did it with class. He put our student-athletes first. He won with integrity. We thank Rick for his many years of service to Texas and wish him continued success in the future."

Barnes owns a career coaching record of 604-314 in 28 seasons, with previous stops at George Mason, Providence and Clemson.