The Washington Wizards announced today that they have agreed to a new contract with President Ernie Grunfeld.

“Ernie has led the charge to rebuild and change the direction of the Wizards and I’m pleased that we will continue to work together to improve upon what we’ve accomplished,” said Monumental Sports & Entertainment Majority Owner, Chairman and CEO Ted Leonsis.  “In the process of almost completely turning over the team’s roster in the last two years, we have accumulated and developed young players and added veteran players while maintaining cap flexibility, all of which will help us build a competitive team going forward.”

“I’m excited to continue the process of rebuilding this team and excited about the direction that we’re headed,” said Grunfeld.  “We’ve seen significant progress from our young players and positive contributions from our veterans that have us very optimistic about our future and very eager to take the next steps to continue to improve.”