Erik Spoelstra is a long-term resident of South Beach.
Spoelstra, who has been the head coach of the Miami Heat since 2008, has reportedly agreed to an eight-year contract extension worth $120 million.
The amount is the highest ever given to a coach in NBA history, surpassing Gregg Popovich's $80 million contract last July.
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Head coach Erik Spoelstra watches a game against the Chicago Bulls at the United Center on November 20, 2023 in Chicago, Illinois. (Justin Casterline/Getty Images)
Popovich earned more than Monty Williams' $78.5 million last month.
The extension comes just months after the Heat became the second No. 8 seed in NBA Finals history. They also reached the Eastern Conference Finals the year before.
Spoelstra joined the organization's coaching staff in 1997 and served as an assistant for 11 years. He began working in the video room, eventually becoming a scout, then an assistant coach, and in April 2008, Pat became Riley's hand-picked successor as head coach.
He led the Heat to the NBA Finals six times, including four straight from 2011 to 2014, both times (2012 and 2013).
Miami Heat head coach Erik Spoelstra watches during the first half of an NBA basketball game against the Brooklyn Nets on Saturday, November 25, 2023 in New York. (AP Photo/Adam Hunger)
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Spoelstra's 725 regular-season wins rank 19th in NBA history, and the only coaches to have won more games with a franchise than Spoelstra with the Heat are Popovich of the Spurs, Jerry Sloan of Utah, Boston's Red Auerbach is the only one.
He is also an assistant coach for the U.S. Basketball team this Olympic cycle and will be part of head coach Steve Kerr's staff for this summer's Paris Games. Spoelstra is likely to be one of the front-runners to take over the Olympic team for the next cycle, culminating in the 2028 Los Angeles Games.
Assistant coach Erik Spoelstra and U.S. No. 10 Anthony warm up before the 2023 FIBA World Cup exhibition game against Puerto Rico at T-Mobile Arena in Las Vegas, Nevada on August 7, 2023.・Edwards. (Ethan Miller/Getty Images)
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Spoelstra's current contract expires at the end of this season.
The Heat are currently in the top five in the Eastern Conference with a record of 21 wins and 15 losses.
The Associated Press contributed to this report.
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