Chris Broussard of the New York Times reports that Knicks Head coach Don Chaney has received a contract extension.

The deal is guaranteed for the first 3 years- totaling between $6-$7 million dollars. The team has the option to retain Chaney for two more seasons if they choose to do so.

"I'm very happy that the organization has shown the confidence for me to lead this team for the next couple of years," Chaney said. "I truly believe that we'll have a very good product on the floor next year and eventually we're still looking to trying to get to the championship series. So hopefully with the improvement of the players and with everybody healthy, we should have an exciting season for the next couple of years."

Knicks GM Scott Layden cited the need for stability in giving the contract extension.

"I came from a background of stability, and it's always been a background where the coach has been in place," said Layden, referring to his previous tenure in Utah, where Jerry Sloan has coached for 15 years. "So in order for us to have success, it's important for us to make this decision today so that next season we can get off to the right start."

Madison Square Garden chairman James Dolan agreed with Layden and expects to see improvements on next years team.

Dolan said, "Continuity is an important part of having a championship basketball team, of growing a championship basketball team, and Scott and I both agreed that Don could get us there, so that was a big piece of it.

"We don't want to see the Garden dark during playoff seasons," he said. "Everyone is disappointed that we didn't make the playoffs. But I think there's every reason to think that we've made progress, that we've improved and that Don has improved the team. As much as I would prefer to be in the playoffs, I think the quickest way for us to be in the playoffs and for this team to reach championship caliber is to be under Coach Chaney."

Later, he added: "It would be a big disappointment no matter what if we don't make the playoffs next season. We are going to make the playoffs."