MILWAUKEE — George Karl wanted to wait until the summer to sign his record-breaking contract extension so that it didn't detract from the Milwaukee Bucks' bid for their first Central Division crown since 1986.
But the delay actually led to speculation he was holding out for another job, so Karl's agent and the Bucks on Tuesday worked out the final details of the deal that will make Karl the highest-paid coach in pro sports.
Karl could sign the extension as soon as Wednesday.
The two-year extension is worth $14 million and also includes a small slice — believed to be 1 to 2 percent — of the franchise that is valued at $125 million, according to a source with knowledge of the negotiations who spoke on condition of anonymity.
The timetable was moved up because of persistent rumors Karl was waiting for Mike Dunleavy to be fired in Portland so he could take the Trail Blazers' job, agent Bret Adams said Tuesday. Karl worked for Portland general manager Bob Whitsitt in Seattle.
"It isn't fair to Mike Dunleavy, and we don't want that speculation to continue," Adams said from Columbus, Ohio. "George has said consistently that he wants to be in Milwaukee, and our goal was to get the contract done. With all the speculation about him leaving, we've really tried to speed it up."
The deal will make Karl the only coach, other than Miami's Pat Riley, to own stock in his team.
Karl is in the third year of his original four-year, $20 million contract. He has declined to discuss his contract status in recent weeks, other than to say, "I'll probably sign it soon."
He was out of town Tuesday, giving a speech in Appleton, Wis.
The deal would commit Karl to the Bucks through the 2003-04 season, but it contains escape clauses that would allow him to leave if the Bucks win the NBA title after next season or the job at Karl's alma mater, North Carolina, comes open again. Kohl didn't allow Karl to interview for the Tar Heels' job last year.
The Bucks have enjoyed a turnaround under Karl, reaching the NBA playoffs in his first two seasons, and they are approaching their first Central Division title in 15 years.