June 26 (Bloomberg) -- Bryan Colangelo, who was stripped of his duties overseeing the Toronto Raptors’ basketball operations in May, has stepped down as team president.
The Raptors said today in an e-mailed statement that Colangelo, a two-time National Basketball Association Executive of the Year who joined Toronto in February 2006 as both president and general manager, will become a consultant for the team and Maple Leaf Sports & Entertainment Ltd.
Colangelo’s move out of the general manager job came at the direction of Tim Leiweke, who in April became president and chief executive officer of Maple Leaf Sports & Entertainment, which owns the Raptors.
“Having had a better chance to reflect on things for the past several weeks, I have concluded that stepping away from my position is the best course of action for the organization and everyone involved,” Colangelo said in the team release.
Masai Ujiri, the reigning NBA Executive of the Year, on May 31 returned to the Raptors as general manager after three seasons with the Denver Nuggets.
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