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Virginia hoops coach Bennett receives new contract

Charlottesville, VA (SportsNetwork.com) - The University of Virginia men's basketball head coach Tony Bennett signed a new seven-year contract through the 2020-21 season Virginia director of athletics Craig Littlepage announced on Tuesday.

The contract replaced an extension to Bennett's original contract signed in 2012 that was scheduled to end following the 2018-19 season.

"We are pleased with Coach Bennett's commitment to the University of Virginia," Littlepage said. "The vision he had for our program when he accepted the head coaching position is developing according to his plan. It will be exciting to watch the development of our players and the program in the coming years."

Bennett was named the Atlantic Coast Conference Coach of the Year in 2013-14 after guiding the Cavaliers to ACC regular season and tournament championships in the same season for the first time in school history. He led the team to a school-tying 30 wins as Virginia earned a No. 1 seed in the NCAA Tournament.

The team lost to Michigan State, 61-59, in the Sweet 16, its first NCAA Sweet 16 berth since 1995.

Bennett's annual base salary and supplemental compensation will increase to $1.924 million. The contract also includes $1.4 million in longevity bonuses over the span of the contract as well as a buyout provision.

"I'm thankful for receiving this new contract," said Bennett. "I feel like we are building something special here and this commitment by the University is another great step towards ensuring we continue to compete at a high level."

06/03 18:26:02 ET