Raptors president Colangelo steps down

The Toronto Raptors announced Wednesday that Bryan Colangelo has decided to step down from his position as team president.

Colangelo was not extended as general manager after the Raptors went 34-48 in 2012-13. At the time, Colangelo opted to concentrate on his duties as club president.

However, Colangelo has ultimately decided to remain as a consultant for the team and Maple Leaf Sports & Entertainment moving forward.

Colangelo joined the organization in February 2006 as president and general manager.

"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," said Colangelo.

"I would like to personally thank Larry Tanenbaum, Dale Lastman, MLSE's ownership and family and the wonderful people of Toronto for the opportunity to serve them over the last seven years. The support, kindness and adulation that has been displayed to me and my family has been overwhelming, and our friendships and experiences will last a lifetime."

Masai Ujiri took over Colangelo's GM position.