7:27pm: The Raptors officially announced Ujiri as their new GM. The team sent out a press release including comment from Tim Leiweke, president and CEO of Maple Leaf Sports and Entertainment, the parent company of the Raptors.
"We feel very lucky to have Masai in our organization. He is a proven judge of talent and we look for him to be a big part of creating a winning atmosphere, leading us to the playoffs and, ultimately, delivering NBA championships for Toronto," Leiweke said. "I would also like to publicly thank the Kroenkes in Denver for being such a class organization that they would allow Masai to pursue his dream. They put him first in all of our discussions."
The Nuggets also released statements from team president Josh Kroenke as well as Ujiri.
4:27pm: Nuggets GM Masai Ujiri has decided to accept the Raptors' GM job, sources tell Adrian Wojnarowski of Yahoo Sports (on Twitter). The well-respected exec received a five-year offer from Toronto earlier this week.
It's believed that Ujiri will earn $15MM over the course of the deal, good for a $3MM average annual value. Ujiri gave the Nuggets an opportunity to match the deal, but that apparently wasn't in the cards. His deal was set to expire at the end of June.
Ujiri is coming off a tremendous season in Denver as the Nuggets finished with their best regular season record in franchise history, excluding their ABA days. The GM was given the league's 2013 Executive of the Year award for his work.
The spot became open in Toronto earlier this month when the club decided to transition former GM Bryan Colangelo over to a business role. While there were bright spots for the club during Colagelo's tenure at the helm, they never quite met expectations during his seven year tenure at the helm.
Colangelo told Hoops Rumors in a conference call that he was willing to offer his advice in the club's search for his successor, but it's not clear if he was ever asked. The Raptors were linked to Kevin Pritchard and Troy Weaver as well, but reportedly had a strong preference for Ujiri.