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After word leaked out on Thursday afternoon that Nets General Manager Billy King was close to a contract extension, the team made it official on Friday afternoon. Terms of the contract were not released.

"Billy has been a great asset to the Nets organization over the last three years," Nets 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."

"I am anxious to continue working hard for Mikhail Prokhorov and the Brooklyn Nets," King said in the statement.

The one-time General Manager of the Philadelphia 76ers, King came aboard as Nets GM on July 14, 2010 following the infamous 12-70 season. Last summer with the move to Brooklyn on the horizon, King orchestrated a radical overhaul of the roster with the blessing of Prokhorov, who is a self-made Russian billionaire with little concern for spending.

King signed for or acquired roughly $330 million in new salaries last summer including Deron Williams (five years, $98 .7 million), Brook Lopez (four years, $60.8 million), Gerald Wallace (four years, $40 million) and Kris Humphries (two years, $24 million).

In an effort to convince Williams to join the Nets in Brooklyn, King boldly went out and acquired six-time All-Star shooting guard Joe Johnson, who had four years and $90 million left on a six-year, $119 million deal he signed in 2010 with the Atlanta Hawks

Despite all the new moving pieces, in addition to the firing of head coach Avery Johnson after a 14-14 start, the Nets won 49 games and made the playoffs for the first time since 2007. They currently trail the Chicago Bulls, 2-1, in their best-of-seven first round series with Game 4 slated for Saturday afternoon at the United Center.

Before the overhaul of 2012, King showed a willingness to push the envelope. He acquired Williams on Feb. 23, 2011 in exchange for All-Star point guard Devin Harris, 2010 No. 3 overall pick Derrick Favors, two first-round draft picks and $3 million in cash. That deal was done at the time without any assurance Williams would want to stick around once his contract was up.

Along the way, King made a well-publicized play to bring in Dwight Howard in addition to then-Denver Nugget Carmelo Anthony and Hawks combo forward Josh Smith.

Josh Newman is’s Field Reporter. Follow him on Twitter for up to the minute news and banter on all things related to the Brooklyn Nets and the NBA

Tags: Editorial Aside, Nets , Josh Newman
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