Valvano Reportedly to Coach Nets

Jim Valvano, former North Carolina State basketball coach, has agreed to become coach of the New Jersey Nets, The Charlotte Observer reported.

The agreement allows Valvano to take over the team as soon as he wants, but he is not expected to do so until after Christmas. Valvano, 45, is believed to have agreed late Friday night to a five-year, $2.7-million contract that would rank among the top half of NBA salaries for head coaches, the newspaper reported.

Reached at his hotel room in Bristol, Conn., Friday night, Valvano declined to comment.

Valvano, a native of New York and a former coach at Iona, would replace Bill Fitch, who has a 50-138 record in three seasons with the Nets after Friday night’s home loss to the Chicago Bulls.

Valvano has worked as a commentator for ESPN and ABC since being forced out of his job at North Carolina State after an NCAA investigation and unconfirmed reports of point-shaving by Wolfpack players.

Valvano was 209-114 in 10 seasons at North Carolina State. He led the Wolfpack to the 1983 NCAA championship in one of the most dramatic runs in the history of the tournament.