MILWAUKEE — The Milwaukee Bucks are "parting ways" with head coach Mike Budenholzer, according to a statement from Bucks general manager Jon Horst. 

“The decision to make this change was very difficult,” said Horst. “Bud helped lead our team for five incredible seasons, to the Bucks’ first title in 50 years, and into an era of sustained success. We are grateful for the culture of winning and leadership that Bud helped create in Milwaukee."

The NBA East’s top-seed suffered a first-round loss to the Miami Heat 4-1 last week. 

“This is an opportunity for us to refocus and reenergize our efforts as we continue building toward our next championship season," said Horst. 

Budenholzer had a 271-120 regular-season record, a 39-26 playoff record in Milwaukee and led the Bucks to their first title in 50 years. He had two years left remaining on his contract. 

The move also comes three weeks after the NBA approved Cleveland Browns owner Jimmy Haslam’s purchase of 25% stake in the Bucks.