The Sacramento Kings and Maloof family today signed President of Basketball Operations Geoff Petrie to a multi-year contract extension.

According to the Sacramento Bee, “after earning approximately $4 million this season, the NBA’s longest-tenured executive will make $1.2 million, $1.4 million and $1.5 million – absorbing a massive financial hit in his desire to remain with the organization.”

“First of all I want to thank Joe, Gavin and the rest of the Maloof family for the ongoing opportunity to grow our exciting young team,” said Petrie. “We all are looking forward to a brighter and more successful future. Secondly, I want to thank our entire management staff for the hard work and support they have committed over the years. We also have been a team and will continue to be one. Finally, a hat’s off to Paul (Westphal) and his staff for the professionalism, knowledge and experience he has brought to the Kings.”

A two-time NBA Executive of the Year award winner, Geoff Petrie has been a key figure behind the success of the Sacramento Kings over the past 16 years.

“Geoff is like a member of the Maloof family,” said Joe Maloof. “We’ve known him for all of these years. He’s someone we can depend on and someone we can trust and look to for advice and guidance. We’re pleased to have someone as talented as Geoff lead this organization.”

Under Petrie’s direction, the Kings have qualified for the NBA Playoffs in eight of the past 11 campaigns and nine of the past 14 years overall, while winning Pacific Division titles in 2001-02 and 2002-03 and advancing to the 2002 Western Conference Finals. Between 2000-01 and 2004-05, Sacramento joined San Antonio and Dallas as the only teams in the league to register 50-plus wins in each of those years.

“Kings fans can rest assure that the future of this franchise is secure with Geoff Petrie leading the way,” explained Gavin Maloof. “He has a good eye and special ability to pick talent. We are pleased that Geoff will be with us for many more years. We’re all looking forward to seeing this young, talented team rise.”

When Petrie was named The Sporting News NBA Executive of the Year following the 1998-99 campaign, he became the first person to win both the league’s executive and rookie annual awards. Petrie shared the 1971 NBA Rookie of the Year award with Boston’s Dave Cowens. Following the 2000-01 season, Petrie was named The Sporting News Executive of the Year for a second time.

Additionally, the contracts of Wayne Cooper and Mike Petrie were renewed as each received promotions. Cooper was promoted to Vice President of Basketball Operations and General Manager while Petrie was promoted to Assistant Vice President of Basketball Operations.