Raptors and Colangelo agree to contract extension

The Toronto Raptors announced Tuesday the club has agreed to a multi-year contract extension with president and general manager Bryan Colangelo. Per team policy, financial details were not disclosed.

Colangelo was named to his current position February 28, 2006. He joined the franchise following 15 years in the Phoenix Suns organization, where he served 11 seasons as the club’s general manager including the last seven as team president.

"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 & 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."

"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," said Colangelo. "I am deeply committed to the organization and our fans and I’m even more proud to call Toronto home."

Colangelo’s arrival in Toronto was marked by a series of trades and free agent acquisitions that resulted in nine new players on the roster at the start of 2006-07 training camp. In his first full season at the helm of the Raptors, the team improved an NBA-best 20 wins over the 2005-06 season to tie a franchise high with 47 victories. Toronto went on to win the 2006-07 Atlantic Division championship, securing home court in its return to the playoffs after missing the postseason the previous five seasons.

For his efforts in leading the Raptors’ dramatic change of fortune, Colangelo was named 2006-07 Sporting News NBA Executive of the Year. It was his second such honour, having received the award in 2005 after guiding the Suns to the third-greatest turnaround in NBA history en route to winning the Pacific Division Championship. He is one of only three executives to win the award with two different franchises (Bob Bass, Jerry West).

During Colangelo’s career as a general manager, his teams have appeared in the NBA Playoffs 11 of 16 seasons, captured four division championships and posted an overall record of 665-612 (.521).