University of Maine Pres. Paul Ferguson announced that the university will buy out the contract of men’s basketball coach Ted Woodward, ending his career as head coach on Monday.

The decision is effective immediately and was reached after weeks of evaluation of the program by university administration.

Woodward had two years remaining on his contract, and will be paid a 13-month buyout of approximately $113,800, the equivalent of about one year’s salary.

UMaine will use only private funds from the President’s Discretionary Account for Woodward’s remaining salary.

A search for Woodward’s replacement will begin immediately. The Black Bears are fresh off a 6-23 campaign that saw four players transfer out of the program at season’s end.

This was Woodward’s 10th season as head coach of the Black Bears and he accumulated a total record of 117-178 with the program.

Although UMaine has suffered nine consecutive first-round or quarterfinal losses in the conference tournament under Woodward’s leadership, the Black Bears did record the program’s first back-to-back winning seasons in America East play since the turn of the century.

UMaine went 19-11 and 11-5 in conference play in 2009-10 before putting up 15-15 and 9-7 marks the following season.

Woodward started his career as a graduate assistant at the University of Connecticut before coming to UMaine in 1996 as an assistant and recruiting coordinator.

He has also served as an assistant at Central Connecticut State University and Harvard University, and coached golf at UMaine from 1997-2001.