Feb. 11 (Bloomberg) -- The San Francisco 49ers signed General Manager Trent Baalke to a three-year contract extension through the 2016 season and promoted Gideon Yu to president and co-owner, the team said.
Baalke took over in January 2011 as general manager for the 49ers, who reached the National Football Conference’s championship game this season. He is in his eighth year with the team.
Yu was a general partner at Khosla Ventures, a venture capital company based in Menlo Park, California, until joining the 49ers as chief strategy officer last April.
Yu, previously chief financial officer at Facebook Inc. and YouTube LLC, has focused in the past year on securing funding for the 49ers’ proposed new $1 billion stadium in Santa Clara, California.
“He’s both a visionary and the ‘go-to’ guy who can lead us through the enormous opportunities ahead, such as the stadium construction, expansion of our brand and its businesses and positioning the franchise for the future,” Chief Executive Officer Jed York said in a team release.
The 49ers did not say how much of an ownership stake Yu will have in the team.
Yu will be responsible for all business operations. He and Baalke, who will lead the team’s football operations, both will report to York, the team said in its release.
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