Alabama football coach Nick Saban is retiring from coaching. The news was first reported by ESPN's Chris Low. Saban and the university officially announced the news just before 7 p.m. Wednesday.

"The University of Alabama has been a very special place to Terry and me," Saban said. "We have enjoyed every minute of our 17 years being the head coach at Alabama as well as becoming a part of the Tuscaloosa community. It is not just about how many games we won and lost, but it's about the legacy and how we went about it. We always tried to do it the right way. The goal was always to help players create more value for their future, be the best player they could be and be more successful in life because they were part of the program. Hopefully, we have done that, and we will always consider Alabama our home."

According to the university, Saban met with the football team Wednesday and informed them of his decision to retire.

"Words cannot adequately express our appreciation for his exemplary leadership and service to The University of Alabama over the past 17 years," the university posted to social media Wednesday, in a statement attributed to President Dr. Stuart Bell. "We are grateful for the lasting impact he has made on the lives of our student-athletes and the incredible memories his teams have created for our students, alumni, fans and supporters. Coach Saban and Ms. Terry are tremendous ambassadors for The University of Alabama and our community and we celebrate their many contributions and indelible legacy. As we would all expect, the University and its leadership will work tirelessly to ensure our proud tradition and standard of excellence continues in football and every endeavor that supports the mission of The University of Alabama."

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Nick Saban won six national championships, nine SEC championships and had the program's first four Heisman Trophy winners during his 17 seasons with the Crimson Tide. He compiled a 206-29 record with five of those wins vacated by the NCAA.

In Saban's six national championship seasons at Alabama, his teams went 21-2 against top-10 opponents, and, since 2008, the Crimson Tide was 37-15 overall against top-10 teams. Alabama was also ranked No. 1 in the Associated Press Poll for at least one week for 15 straight years (2008-22), which broke the record of seven established by Miami (1986-92).

Saban coached four Heisman Trophy winners, joining Notre Dame's Frank Leahy for the most in college football history. He is the only coach to ever coach Heisman Trophy winners at three different positions (RB, WR, QB). The Alabama program had just six individual national award winners when Saban arrived on campus, but Crimson Tide players have secured 60 national awards since 2008.

His players at Alabama have won 66 All-America honors by 58 different individuals over the past 16 seasons. Eight players have been named two-time All-Americans along with 46 consensus honors and 25 unanimous selections. Will Anderson Jr. became the first two-time unanimous All-American in Alabama history.

Saban's success has also translated to NFL success for his players with a record 49 players chosen in the first round of the draft (44 at Alabama). His Alabama players have been paid over $2 billion over the last 16 NFL seasons.

Alabama's success on the field over the past 17 seasons has coincided with the Tide's success in the classroom. Since Saban's arrival in 2007, Alabama football has seen a total of 656 degrees earned, including 103 master's degrees.

Across 28 total seasons as a head coach at the college level, Saban compiled a 297-71-1 (.806) collegiate coaching record, including a 206-29 (.877) mark in Tuscaloosa. His teams won a combined 11 SEC titles, going 11-1 in SEC Championship Games, including nine at Alabama (9-1 record) and two at LSU (2-0 mark). He also won 15 games with the Dolphins in 2005-06.

• See also: Toomer's Corner rolled in Auburn following reports of Nick Saban's retirement
• See also: Timeline of Nick Saban's coaching career, accomplishments

Saban, a native of West Virginia, was hired in January 2007 following a two-year stint in the NFL as the coach of the Miami Dolphins.

Alabama Athletics Director Greg Byrne released a statement Wednesday night.

"Simply put, Nick Saban is one of the greatest coaches of all time, in any sport, and The University of Alabama is fortunate to have had him leading our football program for the past 17 seasons. Throughout his career as a head coach, his teams have won seven national championships, 11 conference championships and 312 games, and he's developed an NCAA-record 49 NFL first-round draft picks and, most importantly, hundreds of college graduates. He is the consummate coach, mentor and leader, and his impact is felt far beyond the football field. Coach Saban and Ms. Terry have touched countless lives in our community and the state of Alabama with the work they've done through the Nick's Kids Foundation. While his time as our coach may have come to an end, his legacy will live on forever. What an honor it has been for us to have a front-row seat to one of the best to ever do it. A truly remarkable career for Coach Saban. Roll Tide!"