March 27 (UPI) -- The Penn Quakers hired Fran McCaffery as their new men's basketball coach, the school announced Thursday. The former Iowa coach, who was fired earlier this month, led the Hawkeyes to a 297-207 record over the last 15 years. He will take over a Quakers program that went 7-21 over the last two seasons.

According to Chad Leistikow of the Des Moines Register, Iowa basketball is on the hook for the entirety of the $4.26 million contract buyout to former head coach Fran McCaffery. Leistikow reports that the contract extension McCaffery signed with Iowa in 2021 does not include a reduction clause with McCaffery taking another job.

Penn is hiring former Iowa coach Fran McCaffery as its next basketball coach, the school announced Thursday. McCaffery, 65, graduated from Penn in 1982 and began his coaching career there as an assistant.