UPDATE: The Wizards made it official Tuesday, announcing that Ernie Grunfeld would return as club president.
Ernie has led the charge to rebuild and change the direction of the Wizards, and Im pleased that we will continue to work together to improve upon what weve accomplished, Wizards owner Ted Leonsis said in a statement.
Ernie Grunfeld will retain his role as president of the Washington Wizards, Comcast SportsNet's Chris Miller has confirmed.
The Washington Post reported Grunfeld and owner Ted Leonsis tentatively agreed to deal that would keep Grunfeld with the team at least through the 2013-2014 season. Grunfeld has been with the team since 2003, but his contract was set to expire at the end of the season.
Under Grunfeld's watch the Wizards have gone 282-438, but he has also overseen the Wizards' rebuilding process, which has centered around former No. 1 overall choice John Wall. Grunfeld has also been able to move costly contracts and acquire multiple draft picks, both essential moves for a rebuilding team. The Wizards will have a lottery selection in June's draft, generally considered amongst the deepest in the past decade.
The team is expected to make an official announcement this week, possibly as early as Tuesday.