Rutgers AD Tim Pernetti announced Monday that Fred Hill has resigned from his position as head men’s basketball coach.
The Star-Ledger, citing two sources “with knowledge of the agreement,” said Hill accepted a buyout of between $800,000 and $850,000. He was due $1.9 million, including bonuses, over the final three years of his deal. The school initially offered him a $600,000 buyout.
“I would like to thank Freddie for his hard work and service to Rutgers,” said Pernetti. “We appreciate his efforts on the behalf of our student-athletes and wish him the very best in his future endeavors.”
Hill compiled a 47-77 (13-57 BIG EAST) record in four seasons directing the Scarlet Knights. In 2009-10, RU posted a 15-17 mark, including a 5-13 record in league play.
The investigation into what occurred following the Rutgers baseball game on April 1 has been closed.
A national search for the 17th head coach in Rutgers men’s basketball history will begin immediately. Darren Savino will serve as head coach on an interim basis until that individual is named.
Pernetti is due to speak at 7:30 in a conference call.
(Photo courtesy NJ.com)
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