Toronto Raptors Extend Bryan Colangelo
The Toronto Raptors have finally ended the suspense and announced that President and General Manager Bryan Colangelo has been re-signed to a multi-year extension.
Ever since the Ontario Teachers Pension Plan announced that they were selling their majority stake in Maple Leaf Sports and Entertainment, it hasn’t been the right time to decide what to do with Colangelo whose original five-year contract expires at the end of June. MLSE owns the Raptors, Toronto Maple Leafs, and Toronto FC. Now that Colangelo is in New York for the NBA draft lottery, apparently the time was right to announce something of a compromise.
Colangelo will be back for two years plus an option instead of the anticipated five year deal apparently satisfying both the needs of the OTPP to minimize any financial commitments and the Raptors need for GM heading into the NBA draft.
The MLSE board members accepted Colangelo’s plan last season to add young players and his commitment towards their development and believe that Colangelo has done well on the business and public relations aspects of his job.
On TSN 1050 radio, CEO Richard Peddie confirmed, "100 percent of the MLSE board members were on side with the extension.
"There was no one better than Bryan Colangelo available."
It took a while to get this extension done but today MLSE finally made the only rational decision available to them.