UPDATE: The Brooklyn Nets confirmed the rumors, and announced today that Billy King has indeed signed a contract extension: “The Brooklyn Nets have signed General Manager Billy King to a contract extension, it was announced today by Principal Owner Mikhail Prokhorov. Per team policy, terms of the contract were not released. ‘Billy has been a great asset to the Nets organization over the last three years,’ Mr. Prokhorov said on behalf of the entire Nets organization. “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.’ [...] ‘I am anxious to continue working hard for Mikhail Prokhorov and the Brooklyn Nets,’ said King. King, who was named general manager of the Nets on July 14, 2010, presided over a team that posted a 49-33 record in the franchise’s inaugural season in Brooklyn, matching the second best record in Nets’ history, while making their first postseason appearance in six seasons.”

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According to multiple published reports, GM Billy King will sign a multi-year contract extension following a successful first season in Brooklyn for the Nets. Per the NY Daily News: “The 47-year-old was reportedly in negotiations for an extension since early in the season, not long after owner Mikhail Prokhorov expressed his satisfaction for King’s work by saying, ‘I do believe he’ll be the GM of the year.’ King has indeed emerged as a candidate for Executive of the Year honors. After signing a three-year deal to replace Rod Thorn in 2010, he was handed a team with no stars and the worst record in the NBA the previous season. He then traded for Deron Williams and committed to over $330 million in contracts last summer, building a team that won 49 games and earned the fourth seed in the Eastern Conference. King, traveling with the team for Thursday’s Game 3 at the United Center, declined to comment on his contract negotiations. Interim coach P.J. Carlesimo, who also is working on an expiring contract, said he hadn’t heard about King’s extension. ‘I’m not going to comment on a rumor,’ he said. ‘I hope it’s true,’ Carlesimo added. King’s greatest advantage was Prokhorov’s money and the ability to spend into the luxury tax, but he also was saddled with the pressure of building a contender quickly because ownership demanded it for the first season in Brooklyn.”