SALT LAKE CITY — Lauri Markkanen received a five-year, $238 million contract with Utah on Wednesday, according to his agent, ensuring the Jazz have a key piece in their rebuilding plans.
Agent Michael Lelchitski of Sports Activities Worldwide Group also said the deal includes $220 million in new money and that his salary for next season increases by $24 million. Before the new deal, Markkanen had one year remaining on his contract worth $18 million.
“I’m excited to complete this expansion,” Markkanen said in a video message posted on X. “I’m ready to get back to work and grow this franchise.”
READ: Jazz star Lauri Markkanen named NBA’s Most Improved Player
He also thanked Jazz management for closing the deal.
“Lauri’s ability to score in multiple ways and his versatility as a player make our team better,” Jazz CEO Danny Ainge said in a statement. “He embodies our team’s core values on and off the court. We’re glad he wants to be a part of our future and what we’re building here in Utah.”
Utah is getting a player who has averaged 24.5 points since being traded to the club two years ago. Markkanen, a 7-foot-10 player who can stretch the floor with his 3-point ability, was named the NBA’s Most Improved Player in his first season with the Jazz and appeared on his first All-Star team.
He played his first five seasons with the Cleveland Cavaliers and Chicago Bulls. His highest scoring average was 18.7 points in the 2018-19 season in Chicago.
Dirk Nowitzki and Channing Frye are the only other 7-foot-1 players to have made 1,000 3-pointers in NBA history, according to ESPN Stats & Data.
READ: NBA: Jazz star Lauri Markkanen to fulfill military duties in Finland
The Jazz acquired Markkanen in a September 2022 trade that sent Donovan Mitchell to Cleveland. Markkanen’s contract extension shows he’s a key part of Utah’s rebuilding plans under Ainge and general manager Justin Zanik.
“Lauri’s combination of size, skill and shooting is truly unique, and he has proven himself to be an All-Star level player with his improvement over the past two seasons,” Zanik said in a statement. “We are excited that he shares the same vision for what our team can be long-term and having him not only as a pillar for the Jazz, but also as a member of the Utah community for years to come, is huge.”
Utah is coming off a 31-51 record, its worst season in 10 years. The Jazz also have back-to-back losing seasons for the first time since 2016, but responded to that previous three-year losing streak by making the playoffs in the next six seasons.
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