Weeks after being stripped of his basketball operations authority as Raptors general manager, Bryan Colangelo announced Wednesday that he was stepping down as the team's president of business operations.
“Having had a better chance to reflect on things for the past several weeks, I have concluded that stepping away from my position is the best course of action for the organization and everyone involved,” Colangelo said in a statement.
Colangelo, 48, will transition into a consultant's role with the Raptors and Maple Leaf Sports & Entertainment (MLSE), the organization's parent company. He has worked for the Raptors since 2006.
“I would like to personally thank Larry Tanenbaum, Dale Lastman, MLSE’s ownership and family and the wonderful people of Toronto for the opportunity to serve them over the last seven years," Colangelo continued. "The support, kindness and adulation that has been displayed to me and my family has been overwhelming, and our friendships and experiences will last a lifetime.” A two-time NBA Executive of the Year, Colangelo saw his teams fell on harder times in recent years. After the Raptors failed to make the playoffs for the fifth straight season this year, MLSE hired Tim Leiweke as president and CEO. Leiweke, in turn, dismissed Colangelo as GM and hired Nuggets executive Masai Ujiri, the 2013 Executive of the Year, as Colangelo's replacement back in May. Ujiri previously worked under Colangelo in the Raptors front office.