Here is the article on ESPN..........
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Coach out after five seasons in Milwaukee
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ESPN.com news services
George Karl will not return next year as coach of the Milwaukee Bucks, who are in transition after a season in which they lost in the first round of the playoffs.
General manager Larry Harris announced the decision Sunday. The Bucks issued a statement saying it was best for the team if Karl not come back. According to Ric Bucher of ESPN The Magazine, Karl was bought out of the final year of his contract.
The team said a search for a new coach will start immediately. A news conference was scheduled for later Sunday.
"His contributions to our success will always be appreciated, but our situation going forward requires a vision beyond next season," Harris said. "We're looking for a coach who will seize the opportunity to succeed now with a young roster and a fresh outlook."
Karl had one year left on his two-year contract and was expected to make an NBA-record $7 million.
"Personally and professionally, I have enjoyed five good years here," Karl said. "I'm grateful for the opportunity that (Bucks owner) Sen. Kohl gave me to come to Milwaukee."
Harris called Karl "a tremendous coach whose achievements speak for themselves."
In five seasons with the Bucks, Karl had a 205-173 record and led the Bucks to four playoff appearances. He is the 13th winningest coach in NBA history, with a career record of 708-499.
The only Bucks coaches to win more games than Karl are Don Nelson (540) and Larry Costello (410).
Karl and former general manager Ernie Grunfeld had said that his lame duck status this season would not hurt the team. Grunfeld left two weeks ago to take a management job with the Washington Wizards.
Kohl, the team's owner, said Karl helped return the team to the playoffs and into title contention.
"We are a better organization for having worked with George," he said. "Now we'll start a new chapter and will seek to stay competitive and improve with a new coach."
When Karl signed his two-year, $14 million extension in 2001 -- the richest contract in pro sports for a coach who doesn't also serve as general manager -- he said he hoped it would raise the pay scale for coaches.
Instead, it's made him a lightning rod for criticism, especially after the Bucks slipped a few notches after reaching the Eastern Conference finals in 2000-01.
The Bucks finished 42-40 this year, losing to conference champion New Jersey in the first round. Karl acknowledged it wasn't one of his better coaching jobs in his 16 seasons in the NBA.