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Board of Regents officially approves hire of Colorado's new Athletic Director

After just one year of being the athletic director at the University of New Mexico, Fernando Lovo will be joining Colorado in the same role.

Idaho State v New Mexico | Sam Wasson/GettyImages

The Board of Regents approved a deal Monday morning that would make Fernando Lovo the new athletic director, inking a five-year deal that will pay him roughly $1.2 million including incentives.

Lovo will be taking over for Rick George who has been the athletic director at Colorado since 2013.

George will be stepping down in May.