University of Arizona men's basketball coach Tommy Lloyd announced Friday that he will remain with the Wildcats after turning down an offer from the University of North Carolina.

Lloyd made the announcement at a press conference during the Final Four, putting an end to speculation about his future. The coach had been linked to the North Carolina position following the departure of the previous coach.

According to reports, North Carolina had made a substantial financial offer to entice Lloyd to leave Arizona for the Tar Heels program. However, Lloyd chose to stay with Arizona, where he has built a successful program since taking over as head coach.

As part of his decision to remain, Lloyd has received a contract extension from Arizona. The terms of the extension were not immediately disclosed.

With Lloyd's decision to stay at Arizona, North Carolina will need to continue their search for a new head coach. The Tar Heels program is considered one of the premier basketball positions in college sports, and the university will likely pursue other high-profile candidates for the role.