2:58pm: The Suns confirmed the news of Babby's new contract, which runs through the 2014/15 season, on the team's website.
"I greatly appreciate the faith that (owner) Robert Sarver and the entire Suns organization have demonstrated with this new contract," Babby said. "We have begun the heavy lifting needed to rebuild our team. While the transition is often painful, I am entirely confident that we are taking the necessary steps to regain elite NBA status. I fully embrace the opportunity to continue on that path."
2:34pm: The Suns and president of basketball operations Lon Babby have agreed to a two-year extension, reports Paul Coro of the Arizona Republic. The news appears to put to rest speculation about Babby's future, as fellow Arizona Republic scribe Scott Bordow wrote today about questions regarding the team's front office and interim head coach Lindsey Hunter. This had been the final year of Babby's contract.
Mitch Lawrence of the New York Daily News wrote in January that Babby was "probably done" in Phoenix, and Lawrence figured that might also mean the end for general manager Lance Blanks, who reports to Babby. It appears that Babby will instead be sticking around, but it's unclear what the move means for Blanks, whose contract runs through 2013/14. Hunter took over at midseason for former coach Alvin Gentry, and at least one report seems to indicate Hunter will be sticking around beyond this year. The Suns are in the midst of rebuilding following the offseason sign-and-trade that sent Steve Nash away, and this year's 23-51 record is the worst since the team went 16-66 as a first-year expansion club in 1968/69.
Phoenix could have as little as $44.4MM in commitments for next season, so the team figures to have the flexibility to try to lure more talent to the desert. The Suns have the fourth-best shot at the No. 1 overall pick, as our tentative draft order shows, and thanks to the Nash trade, they could have an extra first-round pick this June if the Lakers fail to make the playoffs.