The Cavaliers have officially announced that Mike Brown will return as the team's head coach, confirming the news in a press release. Reports yesterday indicated that the two sides had reached an agreement in principle, and were working to finalize the details of a five-year contract worth between $20-25MM.
"I am more than excited about Mike Brown’s return to the Cleveland Cavaliers," owner Dan Gilbert said in a statement. "Mike has done nothing but win in this league since he was a first-year assistant many years ago. He is going to instill a much-needed defensive-first philosophy in our young and talented team that is going to serve as our foundation and identity as we continue down the path of building the kind of franchise that competes at a championship level for many years to come."
For Brown, it will be his second stint as the Cavs' head coach. In his first five seasons with the club, during LeBron James' time in Cleveland, Brown led the Cavs to a 272-138 record. Brown's time with the Cavs coincided with the team's only five playoff berths since the 1997/98 season, including one appearance in the Finals.
Because he was let go by the Lakers with nearly three years remaining on his contract, Brown was still owed a reported $10MM+ by Los Angeles. The Lakers figure to receive some relief now that Brown will be receiving a salary from the Cavs, though it's not exactly clear yet how much money the Lakers will save as a result of offset.
According to the Cleveland Plain Dealer (Twitter link), the Cavs will introduce Brown to the media at a 2:30 press conference today.