Toronto Raptors, Dwane Casey come to terms on contract extension

The Toronto Raptors like what they see in Dwane Casey, and on Tuesday the sides agreed to a three-year contract extension through the 2018-19 season.

The Raptors did not divulge the financial terms of the deal, however Yahoo! Sports first reported last week that it was worth $16 million.

Toronto recorded a club-best 56 regular-season victories in 2015-16 en route to winning its third consecutive Atlantic Division crown. The Raptors advanced to the Eastern Conference finals for the first time in franchise history, losing in six games to the Cleveland Cavaliers.

"Dwane has done an excellent job leading our teams to success on the court and with helping us to develop a winning culture throughout our organization," general manager Masai Ujiri told the team's website. "Continuity is a part of establishing that culture.

"We are confident that with Dwane's leadership, we will continue to grow out franchise."

Casey is the fourth-longest tenured coach in the NBA. He was hired in 2011, one year after a 22-win season.

The 2015-16 season was the final guaranteed year on his contract with the Raptors, who held a team option for next season before the three-year extension.

"My family and I are very appreciative to ownership and Masai for the opportunity to continue to lead the growth of our program," Casey told the team's website. "We are energized with the idea of the potential we have with our core players and the development of our young players.

"Our goal has been and will be to build a program that is competing for a championship year in and year out."