Dec. 24 (UPI) -- The Denver Nuggets signed head coach Michael Malone to a multiyear contract extension, the team announced Tuesday.
The extension will keep Malone with the Nuggets through the 2022-23 season. Financial details of the extension weren't released.
"This season and team has been about continuity, with Coach Malone being the first piece of that," Nuggets governor Josh Kroenke said in a statement Tuesday. "We are thrilled to continue to have him lead this promising young roster and are excited about what the future holds. Coach Malone has been pivotal in this organization's success and will continue to be so."
Malone, 48, was rewarded with his second contract extension in as many years, reflecting the Nuggets' rapid ascension in the Western Conference. He previously signed an extension with Denver in October 2018 and later guided the Nuggets to the West semifinals that season.
Through 357 games as the Nuggets' head coach, Malone has compiled a 194-163 record, ranking him fourth in franchise history in wins among head coaches. Denver's win total has increased in each of his seasons (33, 40, 46 and 54).
"I would like to thank Josh, Stan and the entire Kroenke family, along with [president of basketball operations] Tim Connelly and the front office, for continuing to believe and trust in me as their head coach," Malone said. "None of this would be possible without the hard work, dedication and trust from our players as well as the entire coaching staff.
"I'd also like to thank the amazing fans in Denver who have helped make Pepsi Center one of the toughest places to play in the NBA once again. I look forward to continuing our ultimate goal of winning NBA Championships."
The Nuggets are 21-8 this season, trailing only the Los Angeles Lakers in the Western Conference standings.