With his second term set to expire, Jerry Colangelo announced Thursday he will not seek a third term as chairman of USA Basketball.
According to a USA Basketball press release tweeted by Marc J. Spears of ESPN's The Undefeated, Colangelo will remain the managing director of the USA men's national team.
A new USA Basketball chairman will be elected at the USA Basketball Board of Directors meeting Nov. 14.
More to follow.