The Toronto Raptors and all star point guard, Kyle Lowry have agreed to a one year contract extension, according to ESPN’s Adrian Wojnarowski.
Breaking: Kyle Lowry and the Toronto Raptors have agreed on a one-year, $31M contract extension that takes the five-time All-Star guard out of July’s free agency market, agent Mark Bartelstein of @PrioritySports tells ESPN. https://t.co/nkhme9AHes
— Adrian Wojnarowski (@wojespn) October 7, 2019
The deal, agent Mark Bartelstein tells Wojnarowski, is for one year, valued at $31 million.
On Media Day, Raptors President, Masai Ujiri spoke of the “legacy treatment” Lowry would receive in upcoming contract negotiation talks.
While a slight $2 million pay decrease from his 2019-2020 salary ($33, 296, 296), Lowry becomes the first player over the age of 33 to receive a contract extension of more than $30 million in a first year cap hit.
The extension comes on the heels of Lowry’s first NBA championship throughout his 14 seasons. It also removes him from a free agency group next summer that includes Anthony Davis, Andre Drummond, Eric Gordon, and best friend, DeMar DeRozan.