Magic to extend deals for Van Gundy, GM Smith

Here is an article from cbssports.com today:

ORLANDO, Fla. - A person familiar with the negotiations says the Orlando Magic have extended the contracts of General Manager Otis Smith and Coach Stan Van Gundy.

The person says the team picked up options that extend Van Gundy through the 2010-11 season and Smith through 2011-12. The person spoke on condition of anonymity because the deals have not been officially announced.

The Orlando Sentinel first reported the extensions Monday.

The duo led the Magic to only their second NBA Finals and first since 1995 last season.

Van Gundy has led the team to consecutive division titles since taking over before the 2007-08 season. He has a 111-53 record since taking over as coach of the Magic before the 2007-08 season, replacing Billy Donovan after the Florida Gators coach decided to return to college only days after going to Orlando.

Smith has overseen the franchise's resurgence since being promoted to general manager ahead of the 2005-06 season.

His trade to acquire Rafer Alston from Houston last season after All-Star point guard Jameer Nelson suffered a shoulder injury kept the Magic as contenders last season and propelled them to the Finals. This offseason, Smith helped the Magic acquire Vince Carter from New Jersey as the team parted ways with Hedo Turkoglu.