TORONTO, (Reuters) – The Toronto Raptors showed they still believe Bryan Colangelo is the man to turn the team around by signing the president and general manager to a multi-year contract extension yesterday.
There had been speculation about Colangelo’s future in Toronto after the Raptors finished last season with the NBA’s third worst record (22-60).
“I’m very pleased to get this resolved and I look forward to following through on the next critical phase of rebuilding our basketball team,” Colangelo said in a team statement.
“I am deeply committed to the organisation and our fans and I’m even more proud to call Toronto home.”
Twice voted NBA’s executive of the year, Colangelo arrived in Canada in 2006 to great fanfare after 15 successful seasons with the Phoenix Suns.
In his first full season in charge, the Raptors were the most improved team in the NBA with a franchise record-equalling 47 victories, 20 more than their 2005-06 season tally.
The following season Toronto went on to win the Atlantic division but the team never made the next step to championship contender.
Following several questionable trades and all-star Chris Bosh’s departure to the Miami Heat, the Raptors slipped back down the standings missing the playoffs the last three seasons.
“Over the past few months Bryan has worked on a winning plan for the Raptors,” said Richard Peddie, President and CEO of Maple Leaf Sports and Entertainment.
“Today I’m happy to report that he has everyone’s 100 per cent support of his plan and we look forward to seeing its success on the court.”
Financial details were not disclosed.
