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Cyclones want 'return on investment' from Fred Hoiberg's replacement

JUN 04, 2015 8:28p ET

JUN 04, 2015 8:28p ET

Fred Hoiberg leaves his alma mater, Iowa State, with a 115-56 coaching record.

Iowa State President Steven Leath said Thursday he is ''open minded'' about how much the university is willing to pay its next basketball coach.

The Cyclones largesse will apparently have its limits.

Leath spoke to reporters for the first time since Fred Hoiberg left to take over the NBA's Chicago Bulls. Leath said he intends to be interview all the finalists identified by athletic director Jamie Pollard and weigh in with his opinion before Pollard makes the final decision.