Washington, DC (Sports Network) - The Washington Wizards announced Tuesday that they have agreed to a new contract with president Ernie Grunfeld.
The Washington Post reported on Monday that the deal is for more than one year.
Grunfeld joined the team on June 30, 2003, and his teams have posted a record of 282-438 while never making the playoffs. The Wizards are 18-46 this season with two games to play, having won their past four.
Over the past four seasons, the team has lost 224 of 308 games, the worst four-year run in franchise history.
"I'm excited to continue the process of rebuilding this team and excited about the direction that we're headed," said Grunfeld. "We've seen significant progress from our young players and positive contributions from our veterans that have us very optimistic about our future and very eager to take the next steps to continue to improve."
Grunfeld was a front office executive with the New York Knicks and Milwaukee Bucks before coming to Washington.
After being drafted in the first round of the 1977 NBA Draft, Grunfeld played nine seasons with the Bucks, Kansas City Kings and Knicks.
04/24 10:23:41 ET