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The Charlotte Hornets have agreed to a new five-year, $90 million contract extension, general manager Rich Cho announced Wednesday.

The deal includes a player option for 2020-21, according to ESPN’s Marc Stein.

Cho has made the move to acquire a team that has made just two NBA finals appearances in the past nine seasons.

The Hornets are expected to announce their 2017-18 salary cap situation Monday.

They’re expected to exceed the $90.5 million cap in the next two offseasons and will have the luxury of adding to their salary cap over the next three seasons.