Tom Thibodeau will be the Bulls head coach for this season and the following four after the franchise and the 2010-11 NBA Coach of the Year agreed to an extension earlier today. The announcement was made by the team’s General Manager, Gar Forman, during media day earlier today. Thibodeau and the Bulls had been in negotiations over the past few months – Chicago picked up the option on him for this coming season – but talks had reached an impasse over length and value of the deal.
According to reports the new contract is believed to be worth nearly $17.5 million, but does include bonuses that could see that figure rise by up to $20 million. Thibodeau said he was relieved to be staying in Chicago.
“Obviously, I’m glad we got the contract done. I’m looking forward to the challenge ahead. My expectations remain the same. I’m thankful to Jerry (Reinsdorf) and Gar and John (Paxson). I never doubted it would work out. I love being here.”