Pat Riley confirms he agreed to a five-year contract extension with Heat (till June 2021)

Pat Riley confirmed that he has signed a contract extension to remain as president of the Heat.
The new agreement will expire at the end of the 2020-2021 season when Riley will be 76.

Per Florida Sun Sentinel, In that profile, it was mentioned that Riley's agreement is "with the understanding that he can work anywhere, including his [Malibu] perch overlooking the Pacific."
However, when asked about that element of the agreement, Riley clarified through a team spokesman that "he is not going anywhere for an extended period."