TORONTO - Bryan Colangelo will remain the man in charge of rebuilding the Toronto Raptors.
The team's president and general manager agreed to a multi-year contract extension with the Raptors on Tuesday. Colangelo has spent five years at the helm of Canada's lone NBA team, and his contract was set to expire on June 30.
The Raptors picked up a lottery pick after finishing with the third-worst record in the league this past season at 22-60. Colangelo will represent the team at the NBA draft lottery on Tuesday night in Secaucus, N.J.
He made it clear last month that he wanted to remain with the team to continue the rebuilding process.
"I'm committed to Toronto, I'm committed to the country of Canada, I'm committed to this organization in the highest way," he said at a season-ending news conference.
"We've done some positive things. Now we're in a position as we build without Chris Bosh, we're building a good young team here and there are some bright spots on the horizon that I think this market should be excited about."
Colangelo, 45, was named the NBA's executive of the year after the 2006-07 season when the Raptors captured the Atlantic Division title and tied a franchise record with 47 wins. But they've been stuck in a rut since making a first-round playoff exit in 2008.
The Raptors lost all-star forward Bosh to free agency last summer and this season marked the third consecutive year without a playoff appearance.
Colangelo has certainly had his missteps in Toronto. He acquired Jermaine O'Neal and Hedo Turkoglu but both were big busts for the Raptors.
He's also felt the heat from fans for the selection of Italian big man Andrea Bargnani with the No. 1 pick in the 2006 draft. His recent draft history has garnered some top young talent however, with the selection of DeMar DeRozan at No. 9 in 2009 and Ed Davis at No. 13 last year.
There's no word yet on the future of head coach Jay Triano. The Raptors have until mid-June to exercise the option year on his contract.
