UNC introduces Michael Malone as new head coach after Board of Trustees approve hiring
CHAPEL HILL, N.C. (WTVD) -- Michael Malone acknowledged that he's an outsider as North Carolina's basketball coach.
"I did not play here. I'm not from Carolina," he said Tuesday evening during his introductory news conference at the Dean Smith Center. "But I think they're ready to embrace somebody new. A new vision to try to get this program back to where we all want it to be."
The University of North Carolina officially introduced Malone, a 24-year NBA coaching veteran, as the Tar Heels' next men's basketball head coach. He becomes the 21st head coach at UNC.
On Tuesday, the Board of Trustees approved the terms of the hiring of Malone, who led the Denver Nuggets to the 2023 NBA championship.
"Michael was the first coach we engaged with as part of the search process because of his reputation as a selfless teacher and innovator who brings an incredible ability to connect with players and get the absolute best out of those he mentors,'' said Executive Associate Athletic Director Steve Newmark, who will become Carolina's Director of Athletics on July 1. "He is a brilliant coach who will deliver a modern and disciplined approach to leading our men's basketball program, which is critical in the current landscape of college athletics. Carolina Basketball is unique and special - and we have hired a leader well-suited to continuing our championship tradition."
WATCH: Michael Malone's full introductory remarks
Malone said he rebuffed overtures from UNC - and then regretted it - early in the search process. Newmark visited Malone's Colorado home Sunday and persuaded him to accept the position.
Malone will replace Hubert Davis, who was fired March 24 after five seasons as the successor to retired Hall of Famer Roy Williams.
Malone said 10 to 12 former UNC players visited him in his arena office in the few hours after he arrived earlier Tuesday from Colorado.
"I think family is important," he said. "It's something we talked a lot about in Denver. I think it's even more important in the college landscape because you're talking about young men coming to your program."
Malone said he realized that a coaching job like North Carolina becomes available only so often. Davis' firing opened one of the top jobs in college basketball for only the fourth time since the late Hall of Famer Dean Smith's retirement after 36 seasons in October 1997.
The job had stayed in the "Carolina Family" ever since. Longtime assistant Bill Guthridge replaced Smith, followed by former UNC player Matt Doherty, former Smith assistant Williams and then Davis, who played under Smith and worked on Williams' staff.
"I have a chance to be a part of something special - the history, the tradition," Malone said.
According to the terms of his six-year contract, Malone will make $8 million in his first year, $8 million in 2027-28, and $8.5 million the following three years. If he coaches in the final year of his contract, Malone will earn $9 million. He's also eligible for incentive bonuses of as much as $1.475 million, including $500,000 for a national championship and $100,000 for bringing an ACC championship back to Chapel Hill -- something the Tar Heels haven't won since 2016.
Malone has a buyout that starts at $8 million through April 1 and drops to $6.5 million in 2028 and $5 million in 2029 as it continues to decline over the life of the deal.
Additionally, the agreement requires a $4 million salary pool for assistant coaches and support staff, as well as for the school to commit no less than $6.75 million of its revenue-share allotment to men's basketball.
Malone was recommended by a search committee led by Newmark and Director of Athletics Bubba Cunningham. The committee also included Board of Trustees Chair Malcolm Turner, Tar Heel legend Antawn Jamison and Rams Club Executive Board of Directors Vice Chair Vaughn Moore. Chad Chatlos from Turnkey ZRG Partners also assisted with the search.
"Carolina is one of the most historic programs in college basketball, and I am honored to be the head coach of the Tar Heels," Malone said. "It is humbling to follow so many legends in Chapel Hill. I know from the many Tar Heels in the NBA how special the Carolina Basketball Family is, and I will do everything I can to continue UNC's championship legacy while preparing our players for professional careers and life after basketball. I offer my thanks to Chancellor Roberts, Steve and Bubba, the Board of Trustees and the search committee. I am proud to be a Tar Heel and can't wait to get started."
The 54-year-old Malone spent 12 seasons as a head coach in the NBA, including a 10-year run in Denver. He led the Nuggets to the 2023 championship behind three-time league MVP Nikola Jokic.
The Nuggets fired Malone last spring with less than a week left in that regular season.
Malone was welcomed to Chapel Hill at an introductory news conference at the Smith Center on Tuesday evening.
"This is a defining moment for Carolina Basketball and for our University, and it calls on all of us to embrace our shared responsibility to steward its future," said Chancellor Lee H. Roberts. "Michael Malone brings a rare combination of experience across every level of the game, from roots in college basketball to an NBA championship that reflects both the evolution of the sport and the enduring values of this program. He has learned from some of the most respected coaching minds in the game and understands what it takes to develop players, lead teams and sustain excellence over time."
Malone has never been a college head coach and has spent most of his career in the NBA. His primary connection to UNC athletics is the presence of his daughter Bridget on the Tar Heels' volleyball team, while he told the UNC athletic department's "Carolina Insider" podcast in October that he had attended multiple recent basketball practices - with Davis even asking him to speak to the team at least once.
He'll face some challenges. One that he mentioned: adapting to games played with halves instead of quarters.
Soon to be part of the Tobacco Road rivalries, he's determined to lead the Tar Heels back to the top.
"I want to add to that rivalry (with Duke)," Malone said. "I want to win. I didn't come here to be second best. I didn't come here to lose in the first round of the ACC Tournament."
Malone, a Queens native, and his wife, Jocelyn, have two daughters, Caitlin and Bridget.
- The Associated Press contributed.
