FAYETTEVILLE, Ark. - The University of Arkansas today exercised the terms of its contract with men’s basketball coach Nolan Richardson, concluding his employment with the University, effective immediately.

This action was taken after Coach Richardson expressed his desire, publicly and privately, for the University to buy out his contract and after offering him an opportunity to retire.

Under previously agreed to terms, Richardson could receive $500,000 a year during the next six years, a sum totaling $3 million.

"We are grateful to Coach Richardson for his many contributions to the program over his tenure," men’s Athletic Director Frank Broyles said. "We believe it is time for a change in leadership for the best interests of the basketball program."

"The search for a new head coach will begin as soon as it is appropriate," Broyles added. "At that time, we will make every effort to hire the best candidate to lead what I believe is one of the premier programs in college basketball."

Assistant Head Coach Mike Anderson will serve as interim head coach, effective immediately.

UA Chancellor John A.White said, "I have been a friend and admirer of Coach Richardson, so this is a difficult decision for the University. He has made many valuable contributions to the University of Arkansas and has provided exemplary service to so many causes and charities throughout the state. His legacy will last forever, but it is now time to look to the future."