TORONTO -- Bryan Colangelo will remain in charge of rebuilding the Toronto Raptors.
The team's president and general manager agreed to a multiyear 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.
"I'm very pleased to get this resolved and I look forward to following through on the next critical phase of rebuilding our basketball team," Colangelo said in a statement. "I am deeply committed to the organization and our fans and I'm even more proud to call Toronto home."
The Raptors got a lottery pick after finishing with the third-worst record in the league at 22-60. Colangelo will represent the team at the NBA draft lottery on Tuesday night in Secaucus, N.J. The lottery will be broadcast on ESPN at 8 p.m. ET.
The 45-year-old Colangelo won 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 Chris Bosh to free agency last summer and this season marked the third consecutive year without a playoff appearance.
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. However, his recent draft history has garnered some top young talent with the selection of DeMar DeRozan at No. 9 in 2009 and Ed Davis at No. 13 last year.
"Over the past few months Bryan has worked on a winning plan for the Raptors," said Richard Peddie, president and CEO of Maple Leaf Sports & Entertainment. "We look forward to seeing its success on the court."
There's no word yet on the future of coach Jay Triano. The Raptors have until mid-June to exercise the option year on his contract.
Colangelo joined the Raptors on Feb. 28, 2006, after 15 seasons with the Phoenix Suns. He was the Suns' GM for 11 seasons and also served as president in his last seven years there.
Information from The Associated Press contributed to this report.