Iowa State Announces Hoiberg Will Stay a Cyclone During Sweet 16

Rumors that Iowa State Men's Basketball Coach Fred Hoiberg might be snatched up by another team can now be laid to rest.

The Mayor is here to stay.

Iowa State University announced Thursday that Hoiberg signed a 10-year, $20 million contract.

In his three years at the university, he has led his team to, two NCAA Basketball Tournaments. And Cyclones Athletic Director Jamie Pollard broke the news during Sweet 16 tournament action, according to CBS Sports.

“Excited to share with #CycloneNation that Coach Hoiberg has agreed to a 10 year, $20 million contract to stay a Cyclone!” Pollard tweeted.

And Hoiberg texted ESPN: "I am staying and couldn't be more excited about our future."

Hoiberg was offered a coaching position for the Minnesota Gophers, said ESPN and Cyclones Confidential said UCLA also had their eyes on the man.

Hoiberg's contract extension with Iowa State runs through 2023, but he told the Ames Tribune that he hoped to retire in his hometown of Ames, where both his and his wife's families live.

The full statement from Cyclones.com follows below:

“When I returned to the University three seasons ago, it was a dream come true,” Hoiberg said. “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 (Steven) 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. “I am delighted that he will continue to be our head men’s basketball coach and look forward to continue working with both he 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. “Nobody is better suited to be our head men’s basketball coach and we wanted to show he 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 (2012 and 2013) for the first time since 2000-01, several universities and NBA teams made inquiries to him about coaching their teams. Hoiberg, however, decided to strengthen his commitment to the Cyclones and continue building the Iowa State program.

Full terms of the contract will be available at a later date.

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