Raptors president and general manager Bryan Colangelo is sticking around.
Colangelo confirmed to the Toronto Sun on Tuesday morning, ahead of the NBA’s draft lottery that he has “agreed in principle” to a contract extension.
Colangelo’s contract was set to expire next month and though it was announced he would represent the team at Tuesday’s draft lottery, his status had been unclear for months.
The Sun first reported on February 15th in this space though that “While there is no timetable for an announcement, according to a source with knowledge of the thinking of the upper echelon of the MLSEL board, “It is 99% certain that (Colangelo) will be re-signed before the end of his current contract (which is due to expire on June 30th).”
It took a while, but that information proved correct, though it remains unclear what the terms of the new deal are.
Colangelo had faced opposition Glen Silvestri, a board member representing majority owner Ontario Teacher’s Pension Plan, but had the backing of other influential board members like CEO Richard Peddie, COO Tom Anselmi and Larry Tanenbaum, who owns almost 20% of Maple Leaf Sports and Entertainment, Ltd.
For more on this story http://www.torontosun.com/2011/05/17/raptors-bring-back-colangelo
