Petrie signs three-year extension

[khoffman3113]

BLOG UPDATE: (11:24 p.m.): I've been told that Geoff Petrie isn't the only one in his family who had a banner day, as Mike Petrie has been promoted from regional scout to vice president of basketball operations.

It remains unclear how the other front-office titles shook out. Wayne Cooper is currently the vice president of basketball operations, though I wouldn't be surprised if he was made the team's general manager.

BLOG UPDATE (8:36 P.M.): According to sources with knowledge of the situation, the three-year deal peaks at approximately $1.5 million in the final year. No surprise that there was a signifcant pay cut involved, as that's the way the league has been going (Petrie is making $4.6 million this season).

***

According to sources close to the Kings, basketball president Geoff Petrie signed a three-year extension today.

While it had been clear for some time that Petrie and co-owners Joe and Gavin Maloof were determined to get a deal done, the length of the contract appears to have grown in the final stages of negotiations. A two-year deal had initially been discussed. - Sam Amick

http://www.sacbee.com/static/weblogs/sports/kings/archives/2009/12/petrie-signs-th.html

[Dustin5566]

Kind of surprised at the huge pay cut, but I think that shows Petrie's desire to stay in Sacramento.

[pillwenney]

Outstanding stuff. I know there have been murmurs of Geoff retiring soon. But even if he does retire after these next three years, that should be more than a enough time to get this team on track to contending again.

[KingInExile]

Great to hear.

[Nicky Nix Nook]

I would have fired him after the Nocioni trade. That's why I'm just a fan.

[KF10]

Very good news to hear.

In Petrie We Trust.

[cdt3]

You must give the Maloofs credit for learning the lesson and putting the rebuilding back in Petrie's hands. Petrie has brought together the best veteran coach in Westphal this team has had since Adelman. Petrie ensured the players we already had fit with the coach we hired instead of any rebuilding the roster around past coaches.

Petrie's draft picking is his biggest strength. Petrie is never afraid to take a chance and is usually rewarded with success. When you take chances on people they know how lucky they are to be in the NBA and will work their tail off for him.

Just remember the 15 years before Petrie came to Sac we went to the playoffs just 2 times. After Petrie got here we have been to the playoffs 8 out of the last 12 seasons. Now he has this team put together that will be a playoff contender for years to come (maybe even this season).

I am very excited to be a Kings fan again.

[Silver Man]

Like stated above I really like the resigning and whatever happens beyond the three years is fine, because by then hopefully we'll be in good shape for years to come.