5:40pm: A source tells Ken Berger of CBSSports.com that Colangelo was at odds with Tim Leiweke, the new CEO of Maple Leafs Sports & Entertainment.
5:09pm: When the Raptors hired Masai Ujiri to run their basketball operations earlier in the offseason, former GM Bryan Colangelo wasn't let go, but was named the team's president of team and business operations. Considering Colangelo was no longer involved in basketball decision-making, the role seemed unusual, and perhaps Colangelo realized as much. According to a team release, he has stepped down from the position.
"Having had a better chance to reflect on things for the past several weeks, I have concluded that stepping away from my position is the best course of action for the organization and everyone involved," Colangelo said in a statement.
Colangelo will act as a consultant for the Raptors and for Maple Leafs Sports & Entertainment moving forward, according to the release. It also wouldn't be surprising to see him land in another team's front office at some point within the next few months.