The University of Minnesota Board of Regents on April 4 approved the appointment and a six-year employment agreement for Nico Medved as the head men's basketball coach for the Twin Cities campus, voting 9 yes, three absent.

The agreement starts with a $3,000,000 base salary that escalates annually and includes buyout language consistent with past coaching contracts, Athletic Director Mark Coyle told the regents during the special meeting called by Chair Mayeron.

The board convened as a special meeting to act on the single agenda item. Athletic Director Mark Coyle opened the presentation by thanking University President Cunningham and counsel for their roles in finalizing the memorandum of understanding and formal employment agreement. "She's been absolutely awesome to work with and has been a huge advocate for our student athletes and and coaches," Coyle said.

Coyle summarized Medved's coaching record and university ties: he has been a head coach for 12 years, led Colorado State to the NCAA tournament three of the past four years, and previously helped Furman recover from a 9–21 season to 23–11 when he left. Coyle also noted that Medved earned both undergraduate and graduate degrees from the University of Minnesota Twin Cities.

Regent discussion focused on two themes: the board's governance timing for hiring decisions and how coach salaries are funded. Regent Wheeler said she supported the hiring but asked that the board consider referring the matter to the governance committee to examine whether the board's processes can move as quickly as athletic hiring timelines require. Chair Mayeron said the item could be referred to the governance committee for study.

On funding, Regent Turner asked for clarification about sources of coach salaries. Athletic Director Mark Coyle explained, "We have 3 sports that generate all the revenue for our department: football, men's basketball, and men's hockey," and said revenue comes from contracts, sponsorships, ticket sales and donations. "So, this salary is fully funded by our operating dollars that we generate through our sports program." Vice President Julie Tonneson added that university support to athletics does not fund direct operations or salaries; it supports scholarships and a portion of allocated overhead costs.

Several regents offered congratulations and welcome remarks for Medved and his family. After roll-call voting by Executive Director Steeves, the chair announced, "The motion carries with 9 yeses. 3 individuals are absent. So the motion is approved."

The board did not specify additional conditions or implementation dates in the meeting; the contract's escalation schedule and buyout mechanics were included in the materials reviewed by regents but were not read in full on the record during the session.

The special meeting adjourned after the vote.