Chicago Bulls Sign MVP Rose to Contract Extension

Reigning league MVP Derrick Rose has signed a five-year, multi-million dollar contract extension with the Chicago Bulls.

The 23-year-old Rose averaged 25.0 points and 7.7 assists last season, his third in the NBA since the Bulls drafted him with the number-one overall pick three years ago. Details of the contract were not released.

"We are thrilled that we have signed Derrick to an extension. On top of being a great player, what has set Derrick apart is his make-up, character, drive and his leadership," Bulls general manager Gar Formans said.

"That being said, we believe his greatest asset is his loyalty to his teammates, to our organization and to the city of Chicago. We look forward to having Derrick in a Bulls uniform for years to come, as he helps lead us in our quest to become a championship team."

Last season, Rose led Chicago to their first appearance in the league semi-finals in 13 years, where they lost to the Miami Heat in five games.

In 240 career National Basketball Association games, Rose has averaged 20.9 points, 6.7 assists and 3.9 rebounds.