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Spoelstra, Heat finalizing contract extension (UPDATE)

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According to sources, the Miami Heat and head coach Erik Spoelstra are finalizing a multiyear contract extension.

Alexander Tamargo

A day after announcing the restructuring of its front office and several promotions, Yahoo Sports is reporting that the Miami Heat and head coach Erik Spoelstra are finalizing a multiyear contract extension.

After winning two of three straight trips to the NBA Finals, Spoelstra who is highly regarded as one of the leagues best young coaches could have become the most sought free agent coach aside from Phil Jackson.

Many league owners and executives expected Spoelstra to remain with the Heat -- the only franchise he's ever known -- however, would've been prepared to pursue him if he and the team were unable to come to an agreement.

According to sources, the deal is expected to be made public before the start of training camp in the Bahamas this week.

Miami's trio of superstars -- LeBron James, Dwyane Wade and Chris Bosh -- are all expected to opt-out of their contracts after this season and having built a strong relationship and earning the respect of the NBA's four-time MVP makes Spoelstra a critical part in Micky Arison and Pat Riley's efforts to keep James in Miami.

In his five seasons as head coach, Spoelstra is 260-134 (.660), including three straight trips to the NBA Finals and two titles. He's 50-29 (.633) in five trips to the postseason.

"I want Spo here for a long, long time."
-- Pat Riley

UPDATE: According to multiple reports, Spoelstra has signed a multiyear extension. Per team policy, terms of the agreement were not announced. The Heat do not formally announce contract extensions involving coaches or members of the front office.

A person familiar with the situation spoke on the condition of anonymity Sunday because the deal had not been announced, told The Associated Press that the team had no intention of ever letting Spoelstra go anywhere. He had one year left on his existing contract which the the two sides agreed upon in 2011.

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