Los Angeles Lakers Head Coach Phil Jackson has signed a contract extension for an additional season as well as an option for a second year, which would ensure Jackson remaining with the team through the 2009-10 season, it was announced today by Lakers General Manager Mitch Kupchak.

"Nobody has been more successful from the sideline in the history of this game than Phil and his record obviously speaks for itself," said Kupchak. "We're excited to have a coach of his experience, stature, and ability leading this team for the foreseeable future."

"In the opinion of most people in basketball, and certainly in our opinion, Phil is the greatest coach in the history of the NBA, and we're pleased that he's decided to stay with the Lakers for an extended period of time," said Lakers owner Dr. Jerry Buss. "Simply put, he's the best coach in the business and he will be a valuable part of the development of our team as we continue to improve."

Jackson, currently in his 8th season as head caoch of the Lakers, led his team to three consecutive NBA Championships in his first three seasons with Los Angeles (2000-02). Overall, Jackson has guided his teams to nine NBA Championships, tying him for first with the late Red Auerbach. The fastest coach to 900 career victories, Jackson's total of 931 wins ranks 9th all-time. Jackson's .699 winning percentage ranks best in league history.

Additionally, Jackson ranks first all time in NBA postseason history with a .699 winning percentage (179-77) while his 179 wins are the highest postseason victory total for any head coach.

"I enjoy working with the players and staff of this team, as well as management and ownership," said Jackson. "I'm looking forward to continuing my work with the Lakers and to continue to live in the great city of Los Angeles."

On September 7, Jackson was inducted into the Naismith Memorial Basketball Hall of Fame, earning induction in his first year of consideration for election.

Currently in his 17th season as an NBA head coach, Jackson served as head coach of the Chicago Bulls for nine seasons, leading Chicago to championships in 1991, 1992, 1993, 1996, 1997 and 1998 while compiling a regular season record of 545-193.