Billy King signs extension with Nets

The Brooklyn Nets on Friday announced that they have signed general manager Billy King to a multiyear contract extension.

King has been the Nets' GM since July 14, 2010. The team brought in King after finishing 12-70 in 2009-10, and he's since overhauled the roster and turned the franchise from a laughingstock into a playoff contender.

"Billy has been a great asset to the Nets organization over the last three years," owner Mikhail Prokhorov said in a statement. "He has shown he is not afraid to be bold and take risks, and, as a result, we have a playoff team with a world of potential. We are glad we will have the opportunity to continue our work together and realize that potential."

King's biggest move since taking over as GM was acquiring point guard Deron Williams in a blockbuster trade from the Utah Jazz on Feb. 23, 2011.

This offseason, King signed Williams to a five-year, $98 million contract extension. He also re-signed center Brook Lopez (four years, $60 million), small forward Gerald Wallace (four years, $40 million) and power forward Kris Humphries (two years, $24 million), while trading for shooting guard Joe Johnson and power forward Reggie Evans.

King rounded out his roster by bringing in solid depth guys like center Andray Blatche and point guard C.J. Watson on cheap deals.

The Nets won 49 games during the regular season -- tied for the second-most in franchise history -- and are very much relevant in their first season playing at the $1 billion Barclays Center.

King has never been one to shy away from trying to acquire superstar talent. During his tenure with the Nets, he's chased after Carmelo Anthony, Dwight Howard and Josh Smith, though those pursuits never came to fruition.

The King extension likely takes the Nets out of the running for Phil Jackson because Jackson reportedly wants a front-office job.

"I've had some talks with people," Jackson told the San Francisco Chronicle on Wednesday, "and there are some interesting situations that are presenting themselves, but I really haven't made up my mind yet what I'm going to do. None of it involves coaching… There are three or four teams that have been interested."

Mike Mazzeo is a regular contributor to ESPNNewYork.com.