Sources: President Ujiri, Raptors Near Extension

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The Toronto Raptors and team president Masai Ujiri are in advanced negotiations on a contract extension, according to league sources.

Sources said the Raptors and Ujiri are nearing agreement on a lucrative new deal that will keep the 46-year-old in Canada for the foreseeable future, even though he still has nearly two years left on the original five-year, $15 million pact he signed with Toronto in May 2013.

Source: Marc Stein and Brian Windhorst of ESPN