The Yellow Jackets on Friday parted ways with Brian Gregory, who went 76-86 in his five seasons at Tech.
"I wish my alma mater Georgia Tech well in its search for a new head coach," Price said in a statement Saturday. "I am committed to the Charlotte 49ers men's basketball program."
Price guided the 49ers to a 14-19 record and a 9-9 record in Conference USA in his debut season. Another factor could be that his son, Hudson Price, transferred to Charlotte from TCU and had to sit out this season because of NCAA transfer rules. Hudson Price, a 6-foot-7 guard, has two years of eligibility remaining.
The former NBA star 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. He had been an assistant coach in the NBA with the Charlotte Hornets prior to signing a five-year deal to coach the 49ers.
"I am excited and very encouraged by the progress that we made this past season," Price said in the statement. "... I feel that the future is bright as we continue to build something special here at Charlotte."
Georgia Tech finished 21-15 overall and 8-10 in the ACC this season. The team made the postseason for the first time in Gregory's five seasons, winning two games in the National Invitation Tournament before losing in the quarterfinals.