Milwaukee — George Karl has become the highest-paid coach in professional sports and a part-owner of the Milwaukee Bucks.
Terms weren't revealed, but a source with knowledge of the deal who spoke on condition of anonymity said the two-year extension is worth $14 million and also includes a small slice believed to be 1 to 2 percent of the franchise that is valued at $125 million.
Karl, who turns 50 in May, is committed to the Bucks through the 2003-04 season.
"George is one of the best coaches in the game and this extension ensures that we will continue to have his leadership on our sideline for the next several seasons," general manager Ernie Grunfeld said Wednesday. "He's innovative, he's a great motivator and he has a genuine passion for basketball. Those qualities make him a great fit for this team and this city."
Karl is in the third year of his original four-year, $20 million contract. The extension makes Karl the only coach, other than Miami's Pat Riley, to own stock in his team, said Karl's agent, Bret Adams.
The deal contains escape clauses that would allow Karl to leave if the Bucks win the NBA title after next season or the job at Karl's alma mater, North Carolina, comes open again. Kohl didn't allow Karl to interview for the Tar Heels' job last year.
Karl wanted to wait until the summer to sign his record-breaking contract extension so that it didn't detract from the Bucks' bid for their first Central Division crown since 1986.
But the delay actually led to speculation he was holding out for another job, so Adams and Bucks owner Herb Kohl worked out the details of the deal this week.
No comments
Commenting is turned off for this story.