Minneapolis, MN (NNCNOW.com) --- Tubby Smith has been fired from his position as head men's basketball coach at the University of Minnesota, the school's athletic department confirmed via a news release on Monday afternoon.
Smith and the Golden Gophers lost to Florida on Sunday in the third round of the NCAA Division I tournament, that following a win against UCLA in the tournament's second round on Friday.
"I want to thank the University of Minnesota and the people of Minnesota," Smith was quoted in the release, "for giving me the opportunity to lead the Golden Gopher basketball program for 6 years.
"Our staff did things the right way," he continued, "and will leave knowing that the program is in far better shape than when we arrived."
Minnesota had an overall record of (124-81) during Smith's six-year tenure, but the team was just (46-62) in the Big Ten.
The 61-year-old led the Golden Gophers to the NCAAs in three of his six seasons, but this year's second round win over UCLA was the first for the program under Smith.
1500ESPN.com reported on Monday that the school will pay Smith $2.5 million to buy out the remainder of his contract.