Detroit Pistons fire head coach Monty Williams – and still owe him over $65 million

The Detroit Pistons have fired head coach Monty Williams just a year after inking a then-record $78.5 million contract with the franchise, according to a team statement.

The deal had five years left and was the largest for a coach in NBA history at the time, with the team absorbing the over $65 million remaining on Williams’ contract, per multiple outlets but first reported by ESPN’s Adrian Wojnarowski.

CNN has reached out to the Pistons to confirm details of the payout.

“Decisions like these are difficult to make, and I want to thank Monty for his hard work and dedication,” Pistons owner Tom Gores said in the Wednesday statement.

“Coaching has many dynamic challenges that emerge during a season and Monty always handled those with grace. However, after reviewing our performance carefully and assessing our current position as an organization, we will chart a new course moving forward,” he added.

“I have great respect for Monty as a coach and as a person and I am certain he will be successful in his future endeavors,” added Gores. “I sincerely wish him and his family the very best.”

Detroit had the league’s worst record this past season at 14-68. The Pistons narrowly avoided moving into sole possession of the longest losing streak in NBA history after putting an end to their 28-game skid with a 129-127 victory over the Toronto Raptors in December.

The Pistons were the third-youngest team in the league this past season and hold the number five pick in next week’s NBA Draft.

Detroit has started searching for a new head coach with immediate effect, according to the team statement.

Williams was previously head coach for the Phoenix Suns, compiling a 194-115 record in four seasons in Arizona and leading the franchise to the 2020-21 NBA Finals, where the team lost in six games to the Milwaukee Bucks. He won the NBA’s Coach of the Year in 2021-22 season after the Suns won 64 regular-season games.

He was fired in May 2023, days after the Suns were eliminated in the second round of the Western Conference Playoffs to the eventual champion Denver Nuggets.

CNN’s Jacob Lev and Homero De la Fuente contributed reporting.

For more CNN news and newsletters create an account at CNN.com