Official: Colangelo signs multi-year extension
Old 05-17-2011, 12:01 PM   #1 (permalink)
is getting to the line..

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Is there an official sign him or let him walk thread?

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Raptors and Colangelo closing in on contract extension: Sources

The Raptors have a 15.6 per cent chance of winning the first pick in Tuesday night’s NBA draft lottery. Count Bryan Colangelo’s chances of earning a contract extension many times higher.

The club’s president and general manager is closing in on a new multi-year deal to remain in charge of Toronto’s basketball operation, multiple NBA sources said Tuesday.

“It’s happening,” said one person with knowledge of the negotiations.

While nothing is done, insiders say Colangelo, whose current contract expires June 30, recently cleared a considerable hurdle in his push to stay in the job he has occupied since February of 2006.

Sources say the Ontario Teachers’ Pension Plan, the club’s majority owner, continues to make progress in its ongoing effort to sell its interest in Maple Leaf Sports and Entertainment, the company that owns the Raptors and Maple Leafs, among other interests.

With their eyes on an ever-more-probable exit, the pension plan’s representatives have appeared unwilling exert influence on a future that isn’t likely to include them. That’s been a boon to the Raptors’ GM, of course, since the pension plan’s Glen Silvestri has made a name as the chief anti-Colangelo voice on the board of directors.

Without Silvestri actively leading the opposition to Colangelo’s continuing presence in Toronto, the GM has no shortage of influential support.

Larry Tanenbaum, the chairman of the board and the minority owner, counts himself a believer in Colangelo’s ability to reverse the fortunes of the struggling club, which has missed the playoffs for three straight seasons. Richard Peddie, the CEO who also holds a seat on the board, has also voiced public support for Colangelo’s rebuilding plan.

Colangelo, who was en route to the New York area on Tuesday morning, has declined comment on his contract status in recent days.

As multiple league sources said this week, his is a “delicate” situation. And his isn’t the only one.

Jay Triano, the head coach, is staring down a June 15 deadline on the one-year club option on his contract. Most of Triano’s staff is also in limbo, as is Maurizio Gherardini, the vice president of basketball operations and resident guru of the international game, is without a contract beyond next month.

The only members of the basketball operation under contract for next season are P.J. Carlesimo, the veteran assistant coach, and Marc Eversley, the assistant general manager.
Full article: Raptors and Colangelo closing in on contract extension: Sources - thestar.com
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Old 05-17-2011, 12:11 PM   #2 (permalink)
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Nice.
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Old 05-17-2011, 12:11 PM   #3 (permalink)
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finalllyyy
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Old 05-17-2011, 12:16 PM   #4 (permalink)
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One step in the right direction, now for tonight :cookie:
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Old 05-17-2011, 12:27 PM   #5 (permalink)
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I guess we will be getting two great news today.
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Old 05-17-2011, 12:30 PM   #6 (permalink)
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Hopefully BC rubs Doug Smith's belly for good luck since he'll be in the room when the actually lottery is conducted.
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Old 05-17-2011, 12:37 PM   #7 (permalink)
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Good.
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Old 05-17-2011, 01:03 PM   #8 (permalink)
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Poor Silvestri. How will he get his name in the papers once this is all done? He'll be back to a life adding numbers.
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Old 05-17-2011, 01:05 PM   #9 (permalink)
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Good.
Didn't I tell you something was going to be done before his contract expires. The Raptors are going to move up in the draft.
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Old 05-17-2011, 01:20 PM   #10 (permalink)
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Old 05-17-2011, 01:36 PM   #11 (permalink)
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Oh yeahhhhhh!!!

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@WolstatSun
Ryan Wolstat

#Raptors president/general manager Bryan Colangelo has confirmed to the Toronto Sun he has agreed in principle to a contract extension
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Old 05-17-2011, 01:45 PM   #12 (permalink)
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This should have been done before tonight. YOu know he's going to get asked how he feels about his contract status, creating an unnecessary, unnewsworthy slick response on BC's part. Either do it or let him go.
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Old 05-17-2011, 01:57 PM   #13 (permalink)
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Either do it or let him go.
They picked DO IT
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Old 05-17-2011, 02:00 PM   #14 (permalink)
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Sounds like a done deal:

Source: Toronto Raptors, Bryan Colangelo agree to extension - ESPN
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Old 05-17-2011, 02:04 PM   #15 (permalink)
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Apparently, it's a 2 year deal and 1 year team option.
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Old 05-17-2011, 02:10 PM   #16 (permalink)
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Apparently, it's a 2 year deal and 1 year team option.
Fair enough. I would have liked 3 guaranteed years but he now has two years to get us going in the right direction.
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Old 05-17-2011, 02:18 PM   #17 (permalink)
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those terms I can certainly live with
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Old 05-17-2011, 02:22 PM   #18 (permalink)
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This new deal is probably good for the rebuild. It gives him next year to have Triano (on his final team option year) tank hard and develop young players, trade a few older players (Bargnani, Barbosa, Jose, etc) for some picks, then draft a few good young players and hopefully a game changer in the strong 2012 draft, make a few moves in the 2012 offseason, via trade or FA (decent FA class that year), including getting a better 'winning' coach, and move into the playoffs. Playoffs would be enough to get him that team option, and with one good move in the offseason that year, he might be able to push the team up to 4th-5th in the conference, getting him a nice extension.
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Old 05-17-2011, 02:22 PM   #19 (permalink)
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The terms are more reasonable. The original rumour of five years was way too long.
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Old 05-17-2011, 02:33 PM   #20 (permalink)
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Originally Posted by Northern Neighbour View Post
The terms are more reasonable. The original rumour of five years was way too long.
+1
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