The New York Knicks picked up the option on coach Mike Woodson's contract for the 2014-15 season.
"I have long respected Mike and think he has done a remarkable job since becoming the head coach of the Knicks," new team president and general manager Steve Mills said in a statement. "After spending time with him recently, it is clear that picking up his option is an easy decision."
The Knicks won their first Atlantic Division title since 1994 with a 54-28 record last season under Woodson. He is 72-34 since taking over late in the 2011-12 season when the team fired Mike D'Antoni.
Mills took over from demoted Glen Grunwald last week.
"I had an opportunity to spend a lot of time with Mike Woodson," Mills said. "I watched the team a lot last year. I was happy to see what he was able to do with the team."
Woodson was given a two-year contract with a third-year option before the start of the 2012-13 season.
"I am very excited about (Knicks owner and Madison Square Garden CEO James) Dolan and Steve Mills giving me an opportunity to come back another year," Woodson said. "I try to deal with my situation year to year. It has never been about me in terms of what I do -- it's strictly about the team and what we're trying to pursue as a team but I am very grateful that they picked my option up."