Ernie Grunfeld and the Washington Wizards have agreed to a new contract that keeps him as team president.
The Wizards will hold a news conference Tuesday to discuss the move.
Team owner Ted Leonsis says in a statement that ''Ernie has led the charge to rebuild and change the direction of the Wizards.'' Grunfeld says he's ''excited about the direction that we're headed.''
His contract had been due to expire at the end of this season. The Wizards beat NBA-worst Charlotte 101-73 Monday night for their fourth consecutive victory. But they are 18-46, the league's second-worst record.
Grunfeld joined the Wizards in 2003.