Seahawks terminate head basketball coach Buzz Peterson - WECT TV6-WECT.com:News, weather & sports Wilmington, NC

Seahawks terminate head basketball coach Buzz Peterson

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Peterson went 42-82 in four seasons as head coach of the Seahawks. Peterson went 42-82 in four seasons as head coach of the Seahawks.
UNCW Basketball tweeted  the announcement of his contract Tuesday afternoon. (Source: Twitter) UNCW Basketball tweeted the announcement of his contract Tuesday afternoon. (Source: Twitter)

WILMINGTON, NC (WECT) – UNCW's men's basketball season ended last week in the CAA tournament, and Tuesday, head coach Buzz Peterson's contract ended as well.

UNCW Basketball tweeted the announcement of his terminated contract Tuesday afternoon.

"BREAKING: The contract of #UNCW head men's basketball coach Buzz Peterson has been terminated. #CAAHoops" -@uncwmenshoops

"We appreciate Coach Peterson's work on behalf of the student-athletes and the university and wish him well in the future," said UNCW Athletic Director Jimmy Bass in a news release.

Seahawks Senior Tanner Milson may not agree with the firing, but understand why it happened. "I think he did his best, but that is how the business is. And it's a business, and if you are not winning something will be done" said Milson.

For others players like rising Senior Dylan Sherwood it came as a shock. "Some people had a idea, but some others didn't, but it's still hard to take in."

"When I first took the head coaching position at UNC Wilmington, I knew it was a job that had its challenges," Buzz Peterson said on Twitter. "While I was hoping to see the rebuilding process through to the end, I am fully aware of today's sports climate that demands immediate results. For the great fans of Seahawk basketball, I am sorry that we could not deliver the results that you deserve."

Peterson went 42-82 in four seasons as head coach of the Seahawks, with a losing record of 30-53 in CAA conference play. 

Peterson's contract runs through March 31, 2016 and is still owed $880,000. The next two years of his contract break down as follows:

April 2014 – March 31, 2015 (Year 1)

  • $240,000 base
  • $100,000 for his television Program
  • $100,000 for helping out with fundraising and marketing
  • $440,000 total

April 2015 – March 31, 2016 (Year 2)

  • $240,000 base
  • $100,000 for his television Program 
  • $100,000 for helping out with fundraising and marketing 
  • $440,000 total

The Athletic Department will take out a loan from a university trust fund in order to pay the remaining portion of Peterson's contract.

According to CFO Charlie Maimone, the final total money owed to Peterson is not known at this time. University officials are still calculating how much vacation and other leave time they owe Peterson. The addition of that could bring the total to over $900K.

The department will have up to eight years to pay the loan back, but Maimone expects the debt to be paid much sooner.

If Peterson finds another job in the next two years, UNCW would only be responsible for paying the difference between his UNCW salary and his new salary.

Bass has named Eddie Biedenbach as interim head coach.

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