LA Times: Coach Phil Jackson has decided to sign a contract extension that keeps him with the Lakers for two more seasons.
Jackson met Wednesday with Jerry Buss and informed the Lakers owner of his decision.
Jackson, 62, will get a modest raise from the three-year, $30-million contract he signed in June 2005, which was the richest per-annum coaching deal in U.S. pro sports history. Jackson is expected to make $11 million or $12 million a season in his new deal.
“Everyone connected with Phil is pleased with his decision, something that only he could make after considering all aspects of what it means to be a head coach,” said Jackson’s agent, Todd Musburger. “Obviously, he’s up for it. There is a spring in his step.”
Jackson declined to comment this morning, saying there would be an official announcement later in the day.
He will preside over a team brimming with the potential of 20-year-old Andrew Bynum, but also fraught with uncertainty until the Kobe Bryant situation resolves itself. Bryant has not stepped back from a trade demand and can terminate his Lakers contract in summer 2009 if he is not traded.
But Jackson has found an extreme comfort level with the Lakers. He gets along well with his coaching staff, lives only a few miles from the team’s El Segundo training facility, and is a longtime companion of team executive Jeanie Buss.