The Toronto Raptors have agreed to a one-year, $31 million extension with guard Kyle Lowry, Adrian Wojnarowski of ESPN reports. The deal will keep the 33-year-old with the organization through to the end of the 2020-21 season.
The veteran point guard has been named to five consecutive All-Star teams and played a vital role in the team’s championship run last June. Lowry averaged 14.2 points and 8.7 assists per game while piloting the Raps throughout the 2018-19 campaign.
The final year of Lowry’s current contract, which was initially signed in the summer of 2017, will pay Lowry $33.6 million. That deal aligned with a series of other expiring, big money contracts that the team will need to be diligent with this season.
While the franchise will need to be careful to avoid the luxury tax this year, however, their books open up in considerably in 2020-21, making plenty of room for the substantial extension.