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Miami Heat coach Erik Spoelstra has agreed on an eight-year contract extension worth more than $120 million, the most committed money in North American coaching history, sources told ESPN on Tuesday night.
Spoelstra, 53, has established himself as one of the most respected and successful coaches in professional sports and the new deal reflects both his and the organization's desire to keep him within the only franchise he's ever worked in the NBA.
Spoelstra -- who has won two championships and reached the NBA Finals six different times -- is the second highest-paid coach annually in the NBA behind Gregg Popovich's $19 million per season, but the length of Spoelstra's deal separates him financially from his peers, sources said.