Very excited to be named the head basketball coach @49ersBasketball tomorrow! Can't wait to meet the team and get to work!— Mark Price (@Mark25Price) March 26, 2015
Price, 51, had been an assistant coach in the NBA with the Charlotte Hornets this season. He was a standout at Georgia Tech from 1982 to 1986 and played 12 years in the NBA, where he was a four-time All-Star.
Sources told ESPN on Tuesday that Price was offered a five-year deal.
Price, who was introduced Thursday as the program's 10th head coach, replaces Alan Major, who parted ways with the school last week after five seasons in which he took two medical leaves of absence. Major was 67-70 personally, and the school was 75-81 in his time at the school.