FRIDAY, 12:37pm: The Nets have officially signed King to a contract extension, the team announced today in a press release. Details on the years and dollars involved in the deal weren't disclosed.
"Billy has been a great asset to the Nets organization over the last three years," owner Mikhail Prokhorov said in a statement. "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."
THURSDAY, 1:10pm: The Nets and Billy King are in the process of finalizing a multiyear contract extension for the general manager, whose current deal is set to expire this summer, reports Adrian Wojnarowski of Yahoo! Sports. A formal announcement from the team is expected sometime in the near future, according to Wojnarowski.
King, who assumed his current role with the Nets in July 2010, has rebuilt the club into an Eastern Conference contender since then, with the help of a free-spending owner in Mikhail Prokhorov. King and the Nets were the NBA's biggest spender last summer, when the team signed Deron Williams and Brook Lopez to maximum contracts, inked Kris Humphries and Gerald Wallace to eight-digit, multiyear deals, and assumed Joe Johnson's hefty contract in a trade with the Hawks.
Prior to becoming the Nets' GM, King spent more than nine years in Philadelphia as general manager of the 76ers.