Raptors president and general manager Bryan Colangelo is sticking around.

Colangelo confirmed on Tuesday afternoon, ahead of the NBA's draft lottery that he has "agreed in principle" to a contract extension.

Colangelo's contract was set to expire on June 30 and though it was announced last week that he would represent the team at Tuesday's draft lottery, his status had been unclear for months.


The Toronto Sun first reported on February 15th that: "While there is no timetable for an announcement," according to a source with knowledge of the thinking of the upper echelon of the MLSEL board, “It is 99% certain that (Colangelo) will be re-signed before the end of his current contract.”

It took a while, but that information proved correct in the end, though Colangelo had faced strong opposition from Glen Silvestri, a board member representing majority owner Ontario Teacher's Pension Plan and others.