4:29pm: Demps' extension is for three years with a team option on the fourth year, a source tells Jeff Zillgitt of USA Today.
9:44am: The Hornets have extended the contract of general manager Dell Demps, locking him up to a multiyear deal, the team announced today in a press release. Terms of the agreement weren't disclosed.
"Dell has a bright future ahead as the GM of our team and Mr. [Tom] Benson and I couldn’t be more impressed with the track this team is on and are excited about the future," said Hornets executive VP Mickey Loomis in the release. "He has helped shape this organization with the current team of young, talented players and we look forward to seeing the growth of the franchise during this exciting time for the franchise."
There was some question when Benson took over as the Hornets' owner whether he'd move forward long-term with Monty Williams as head coach and Demps as GM. However, Williams received a contract extension of his own in August, so it seems the new ownership group has liked what it's seen from both men. Both Williams' and Demps' contracts would have expired in 2013 if they had not been extended.
Since Demps was hired by the Hornets in July of 2010, he has orchestrated a number of major moves for the team, including last December's Chris Paul trade. He is the 18th longest-tenured head of basketball operations in the NBA.