The team announced in a press release on Wednesday Colangelo will be stepping down from his role as team president, but will remain with the organization as a consultant.
"Having had a better chance to reflect on things for the past several weeks, I have concluded that stepping away from my position is the best course of action for the organization and everyone involved,” Colangelo said in the release.
"I would like to personally thank Larry Tanenbaum, Dale Lastman, MLSE’s ownership and family and the wonderful people of Toronto for the opportunity to serve them over the last seven years. The support, kindness and adulation that has been displayed to me and my family has been overwhelming, and our friendships and experiences will last a lifetime."
His announcement comes about a month after Colangelo was relieved of his general manager role in favour of the incoming Masai Ujiri, who left after a successful stint with the Denver Nuggets.