Chancellor Randy Woodson has released a statement on the FBI’s ongoing investigation into college basketball and the Adidas apparel company, specifically as they relate to NC State.

There have been reports, including one from Yahoo Sports, over the past several months that former NC State men’s basketball point guard Dennis Smith Jr. received money both in the form of payments and loans from former NBA agent Andy Miller and his associate Chris Dawkins while still in school, and that Smith Jr.’s father, Dennis Smith Sr., received money from Adidas for Smith Jr. to attend NC State.

Citing the need for transparency, Woodson released a general timeline of events in the investigation. According to his statement, the university has been proactive ever since the investigation into Adidas (initially without mention of NC State) started last September. NC State has been in contact with the agents in question throughout the process and sent information to the FBI after sending the agent a letter in late October. Woodson’s statement does not mention Miller or Dawkins by name.

The most recent developments have been a subpoena for records from a grand jury in January that was announced in March, and a recent allegation that an apparel company defrauded four universities, including NC State.

Woodson ended his statement by saying that he has been pleased with the way the Office of General Counsel and Athletics Compliance has handled the entire situation.

“If the allegations from the superseding indictment are proven true, any former employees involved knew they were breaking the rules and chose to keep it hidden,” Woodson wrote. “We have no tolerance for those who would choose to damage the reputation of this great university. NC State will continue playing by the rules, winning the right way and succeeding with Wolfpack character.”

Woodson’s entire statement can be found here.