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The Chicago Bulls announced today it has agreed to terms on a new contract with Head Coach Scott Skiles’ through the 2008-09 season. Per team policy, terms of the contract were not disclosed.

This contract was agreed to a week and a half ago. But now it's official.

The Associated Press reports that the deal is reportedly worth $16.5 million.

Skiles, 41, joined the Bulls on Nov. 28, 2003 and Chicago has posted a 182-161 (.531) record during his tenure. He led the Bulls to the Eastern Conference’s third-best record of 47-35 last season after the team finished just 23-52 in 2003-04 (19-47 under Skiles). The 47 victories last year under Skiles marked the most the franchise has experienced since the 1998 Championship season. Skiles also guided the Bulls to the playoffs last year, ending the team’s six-year postseason drought.

In January 2005 the NBA named Skiles Eastern Conference Coach of the Month after guiding the Bulls to an NBA-best 13-3 record, including winning streaks of seven and five games. Skiles also finished fourth in the balloting for the 2004-05 NBA Coach of the Year.