Report: GM Colangelo agrees to extension Raptors

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There’s some serious roster renovation that needs to go on in Toronto, but it looks like Bryan Colangelo is going to be the architect.

According to the National Post, Colangelo has agreed to an extension in principle to remain as the general manager of the Raptors.

The Raptors president and general manager has confirmed to The National Post that he has agreed in principle to a multi-year contract extension. His five-year deal, signed in 2006, was set to expire on June 30th.

Him getting to stay had become a power-play struggle amongst the factions of the Raptors ownership. The Raptors are owned by Maple Leaf Sports and Entertainment, and right now the majority owner of that is the Ontario Teachers’ Pension Plan. Reportedly the teacher’s representative on the board — Glen Silvestri —had it in for Colangelo.

But the teachers’ pension is getting closer to selling its share of Maple Leaf Sports. (Yes, it bought a larger stake last week but apparently that is just the first step in the sale.) Because of that, they are not standing in the way of the desire of the rest of the board to bring back Colangelo, the Star says.

The deal has yet to be formalized but seems to be set. Now the attention coach Jay Triano hanging, as there is a team option for his return that has to be picked up by June 15. If they want him back. He has been there two years and had the worst defense in the NBA two years running, but Colangelo trusts him. One of the odd choices Colangelo has made, like drafting Andrea Bargnani, the Amir Johnson contract and… well, it’s a fairly long list. There’s a reason Colangelo will be representing the Raptors at the draft lottery.

As the Star pointed out, the Raptors have a 44.6 winning percentage since his arrival. Not great, but better than the 39.2 percent from before his arrival.