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The Hall of Fame coach had previously announced the extension Nov. 30.
"Nobody has been more successful from the sideline in the history of this game than Phil, and his record obviously speaks for itself," general manager Mitch Kupchak said. "We're excited to have a coach of his experience, stature and ability leading this team for the foreseeable future."
The 62-year-old Jackson signed a five-year, $30 million contract with the Lakers in June 1999, and coached them to three championships before they lost to San Antonio in the Western Conference semifinals in 2003 and were beaten by Detroit in the NBA finals in 2004.
Jackson and the team parted ways in June 2004, and he took a year off before signing a three-year, $30 million contract
-- the richest deal for an NBA coach -- in June 2005.
"I enjoy working with the players and staff of this team, as well as the management and ownership," Jackson said Wednesday in a statement.
He and late Boston Celtics coach Red Auerbach each have earned a record nine championship rings as a head coach. Jackson guided the Michael Jordan-led Chicago Bulls to six titles in the 1990s before taking a year off from coaching and then joining the Lakers before the 1999-2000 season.
[Associated Press]
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