Source: James Borrego, Charlotte Hornets reach agreement on multi-year extension

It appears the Charlotte Hornets are satisfied with the direction of the team under the guidance of James Borrego.

The Hornets have come to terms on a multi-year extension that will keep the 43-year-old coach under contract beyond 2023, a team source confirmed. Borrego was headed into the final season of the four-year deal he inked in 2018.

Per sources, both sides had been quietly working behind the scenes since the season ended to get something done. It's expected to be finalized within the next couple of days.

In three seasons with the Hornets, Borrego has compiled a 95-124 record. They fell one game shy of a postseason berth in his first season, and overachieved somewhat with a really young roster in 2019-20 prior to the season being suspended. 

He had them as high as fourth in the Eastern Conference this past season before they were besieged by injuries and COVID-19 issues. The Hornets stumbled down the stretch and lost five straight, ending any hopes of finishing seventh or higher, and were bounced by Indiana in the play-in tournament.

But Borrego has done a good job of establishing a identity and developing their young talent, finding ways to get steadied improvement from them in a variety of areas. And now he'll get an opportunity to see if he can take them to the next level.  

ESPN first reported the agreement.