Nets give GM King contract extension

The Brooklyn Nets signed general manager Billy King to a contract extension on Friday.

King was named general manager of the Nets on July 14, 2010. His current deal is set to expire at the end of the league calendar year.

The Nets made the playoffs this season after posting a 49-33 mark in the franchise's inaugural campaign in Brooklyn. They trail the Chicago Bulls by a 2-1 margin in their first-round series.

Since taking over for a team that went 12-70 in 2009-10, King has overhauled the roster, first by making a mid-season blockbuster trade for Deron Williams in 2011, and then by completing his All-Star backcourt with the July 2012 acquisition of six-time All-Star Joe Johnson. He traded for Gerald Wallace in March 2012, then spearheaded the re-signings of Williams, Wallace and All-Star center Brook Lopez this past summer.

"Billy has been a great asset to the Nets organization over the last three years," principal owner Mikhail Prokhorov said. "He has shown he is not afraid to be bold and take risks, and, as a result, we have a playoff team with a world of potential. We are glad we will have the opportunity to continue our work together and realize that potential."

The Nets went 24-58 in 2010-11 and 22-44 in 2011-12.

King joined the Nets after spending 10 years with the Philadelphia 76ers organization, serving as the team's president from 2003-2007.