The Toronto Raptors named NBA Executive of the Year, Bryan Colangelo, as their team president and general manager on Tuesday.
Colangelo resigned as the team president and general manager of the Phoenix Suns on Monday. He has been in the Phoenix organization for 15 years -- general manager for the past 11 years and team president for the last seven -- and was responsible for a Suns team that reached the playoffs eight times in the past 10 years and posted an overall record of 476-366 (.565) in his 11 seasons.
"The Toronto Raptors offer one of the best situations in the NBA, and I'm thrilled to be coming here after 15 years in Phoenix." Colangelo told a news conference in Toronto.
"The Raptors have an ownership group committed to building a championship club, have some excellent young players around Chris Bosh, are positioned well against the salary cap, and reside in one of North America's premier cities. I couldn't be any more excited about the future of the Toronto Raptors, and I'm eager to get started here."
Colangelo, who was named NBA Executive of the Year last season, was responsible for the Suns' spectacular season in 2004-05, which saw the team post a 33-win turnaround, after signing league MVP Steve Nash, guard Quentin Richardson and forward Steven Hunter to offseason contracts.
The acquisitions were due in part to a 2003-04 trade that saw Colangelo ship All-Star guard Stephon Marbury and Anfernee Hardaway to the Knicks to clear salary cap room.
Colangelo replaced Rob Babcock, who was fired Jan. 26 by the Raptors. He reportedly had a contract with the Suns worth $1 million per year that ran through next season, and he also had an ownership stake.
The Raptors reportedly offered Colangelo a multiyear deal worth $3 million per year.