Following his firing on Monday as head men's basketball coach at the University of Maine, Ted Woodward released a statement through the team's twitter account.

Woodward had two years remaining on his contract extension and will be paid approximately $113,000. UMaine says it will use only privately raised funds for the buyout.

Woodward recently finished his 10th season as head coach of the Black Bears, compiling a record of 117-178 with the program.

A national search for his replacement will begin immediately.