ORONO — There was another departure from the University of Maine men’s basketball program on Monday.

This time, on the heels of a dismal 6-23 season and in the wake of three high-profile players requesting a transfer in the last three weeks, it was head coach Ted Woodward.

UMaine President Paul Ferguson announced Monday that the university will buy out the contract of men’s basketball head coach Ted Woodward, ending his tenure as coach, effective immediately.

Woodward had served as the Black Bears head coach for the last 10 seasons after he spent eight years as an assistant coach with the program under John Giannini.

A UMaine press release said the decision was reached after several weeks of evaluation of the program by Director of Athletics Karlton Creech and university administration.

“I would like to thank Ted for his service to the University of Maine, the last 18 years as both a head coach and an assistant,” said Creech. “Ted’s commitment to the University of Maine and its student-athletes — both athletically and academically — have been the trademark of his tenure here.”

Woodward had two years remaining on his most recent contract extension, which he signed in December 2012. He will be paid a 13-month buyout of approximately $113,800 related to one year’s salary. According to his contract, that is to be paid in monthly installments.

UMaine will use only privately raised funds from the President’s Discretionary Account to meet that obligation. No funds will be reallocated from the current university budget committed to academic programs, or faculty, student or operational needs.

UMaine used the same discretionary account to buy out the contract of former men’s ice hockey coach Tim Whitehead last year ($190,000) and that of former women’s basketball coach Cindy Blodgett in 2011 ($109,772).

A formal national search for Woodward’s replacement will begin immediately.

Woodward recently finished his 10th season as head coach of the Black Bears, compiling a record of 117-178 (.397 winning percentage) with the program. UMaine suffered nine consecutive first-round or quarterfinal losses in the America East tournament under Woodward.

UMaine has never won a conference championship or advanced to the NCAA Division I Men’s Basketball Championship tournament.

Woodward came to the University of Maine in 1996 as the top assistant and recruiting coordinator for Giannini. He also served as an assistant coach at Central Connecticut State University and Harvard, after beginning his career as a graduate assistant at the University of Connecticut under Jim Calhoun.

Woodward also coached the now-defunct UMaine golf team from 1997-2001.

UMaine athletics director Steve Abbott negotiated Woodward’s last contract extension after the men’s basketball team enjoyed two straight strong seasons.

The Black Bears went 19-11 (11-5 in league play) in 2009-2010 and had a 15-15 mark (9-7 AE) in 2010-2011. Those had marked the program’s first back-to-back winning seasons in conference action since 1999-2001.

In fact, UMaine finished in third place in the America East standings both in 2010 and 2011 — for the first time in 20 years.