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Brooklyn Nets extend King's contract three years

Debby Wong-USA TODAY Sports

The Nets have extended Billy King's contract. A league source tells NetsDaily the extension for three years, the team announced Friday. There's no word on how much King will be paid. King is currently among the lowest paid GM's in the NBA. The Nets have been talking to King about an extension for months.

Adrian Wojnarowski first reported the deal on Thursday...

The Brooklyn Nets and general manager Billy King are finalizing a multiyear contract extension, league sources told Yahoo! Sports.

A formal announcement is expected in the near future, sources said.

King's contract was set to expire this summer, but talks have been ongoing since the fall on a new deal.

Ownership sources have told NetsDaily in the past that King has done well, trading for stars like Deron Williams and Joe Johnson, signing Brook Lopez long-term, and making good use of low first round and mid-second round picks.

The report came hours after a San Francisco Chronicle report that Phil Jackson has heard from four or five teams about taking over their basketball operations ... leading to speculation that the Nets are one of those teams.

Woj wrote that the expected extension would "almost assuredly will end speculation that Phil Jackson could be joining the organization."