The Texas Longhorns have named Texas Tech‘s Chris Beard as their new men’s basketball head coach, the school announced Thursday.

Beard’s buyout to go to another Big 12 school dropped to $4 million on Thursday morning, sources told ESPN, and the two sides moved quickly to come to an agreement.

Beard, 48, made the decision early Thursday, according to Red Raiders athletic director Kirby Hocutt

“Talked to him about 10:30 last night, made a final decision today. Something I could tell had been weighing on him [Wednesday night] and settled this morning,” Hocutt said. “Frustrating? Absolutely. Disappointing? Absolutely.

“You know, you work along[side] somebody for five years and you invest into this program and you grow this program. And of course his leadership had a great deal to do with that. But you know, at the same time, there are other components that have led to the success of Texas Tech basketball.”

Hocutt said Beard told him “he was ready for another challenge. I don’t fully understand it. It obviously wasn’t for better fan support or better facilities. He told me it was not for financial reasons.” He added that Texas Tech was prepared to give Beard a “lifetime rolling contract.”

Beard has established himself as one of the best coaches in the country during his five seasons at Texas Tech, leading the Red Raiders to a national title game appearance in 2019 and the Elite Eight in 2018. They finished 18-11 (9-8 Big 12) this season before losing to Arkansas in the second round of the NCAA tournament. His overall record there was 112-55.