Bucks sign Budenholzer to reported 3-year extension
Details of the new deal were not disclosed. However, sources told ESPN's Adrian Wojnarowski that the Bucks extended Budenholzer's contract for three seasons, putting him under contract through 2024-25.
Budenholzer was reportedly set to enter the final year of his deal. The 52-year-old steered the Bucks to their first NBA title in half a century in July.
"What an incredible journey we've been on and winning the NBA Championship this season makes us appreciate how difficult it is to win and how grateful we are to have the best players and coaches in place to get the job done," Bucks owners Marc Lasry, Wes Edens, and Jamie Dinan said in a statement.
"Mike's strong leadership, coaching expertise, commitment to player development, and adaptability have been instrumental as we work together to compete for and win championships. We're thrilled with the work Bud has done together with (general manager) Jon Horst and (team president) Peter Feigin and are proud to sign him to this extension."
Budenholzer has compiled a combined 162-65 record over three regular seasons and a 31-17 mark in three playoff trips since being hired as Milwaukee's head coach in May 2018.
He took the Bucks to the Eastern Conference finals in his first postseason with the team but fell at that stage to the eventual title-winning Toronto Raptors in six games. The following year in the bubble, Milwaukee was ousted in five games in the second round by the Miami Heat.
As part of their championship run this past season, Budenholzer and the Bucks got their revenge on the Heat by sweeping them in Round 1. The two-time Coach of the Year then led Milwaukee past the Brooklyn Nets and Atlanta Hawks before defeating the Phoenix Suns in The Finals to secure the franchise's first title since 1971.
"The appreciation I have for being a part of the Bucks organization is hard to express," Budenholzer said in a statement. "And today, to realize that Marc and Wes and Jamie from our ownership group, along with Jon as our GM, have extended my contract to be the head coach is very special - thank you!"