April 24 (Bloomberg) -- Ernie Grunfeld will remain president of the Washington Wizards even though the team has an 18-46 record and hasn’t made the National Basketball Association playoffs for four straight seasons.
Grunfeld’s contract was set to expire at the end of the season. The Wizards didn’t disclose terms.
“Ernie has led the charge to rebuild and change the direction of the Wizards and I’m pleased that we will continue to work together to improve upon what we’ve accomplished,” team owner Ted Leonsis said in a statement.
Grunfeld, a former front office executive for the NBA’s New York Knicks and Milwaukee Bucks, has been with the Wizards since 2003. Leonsis said Grunfeld has almost completely revamped the Wizards’ roster in the past two years, accumulating and developing young players while adding veterans and maintaining salary cap flexibility.
While the Wizards have gone 86-224 over the past four seasons -- the worst four-year stretch in franchise history -- they have John Wall, the first overall pick in the 2010 draft, at point guard and have won their past four games.
Washington last made the playoffs after the 2007-08 season and hasn’t won a postseason series since 2005.
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