Former University of Hawaii men’s basketball coach Gib Arnold will drop all claims against the school in exchange for a $700,000 settlement that the Board of Regents approved Thursday.

“It’s time for the university to move past this chapter in the history of UH men’s basketball,” UH Manoa Chancellor Robert Bley-Vroman said in a statement. “It is the best thing for UH and it is the best thing for the program. Now we can turn our full focus to the future and the players and coaches, as they prepare for the upcoming season.”

Arnold will received $500,000 of the settlement, to be paid in three installments between now and Jan. 15, 2017. His attorney will get the other $200,000.

“Going forward, enhancements have already been made to the compliance program at UH Manoa’s Athletics Department, and additional controls surrounding its contracts have been implemented,” UH said in a release.

“The NCAA enforcement proceedings continue irrespective of this settlement; although the hearing is being conducted today, a ruling is not anticipated for several months,” the release says.

The Honolulu Star-Advertiser reported that the regents voted 8-6 in favor of the settlement after meeting on Maui behind closed doors.

The newspaper reported that Arnold has sought $1.4 million for being fired “without cause” last October, not long after the NCAA finished investigating the basketball program, which was later cited for seven violations.