Baxter has been with Chiefs since the beginning of 2012/13 season, and he guided AmaKhosi to their first PSL title in eight years
The two parties concluded the deal today (Thursday), and Motaung said that continuity is all that he wants to see at Chiefs, having won two trophies last season.
"It was imperative for us to renew and extend the contract because it is all about continuity and also being able to continue with our goals. Continuity is important in this kind of setup," said Kaizer Motaung.
"We are delighted that we could extend the relationship. The contract is extended for another two years. It means we will be able to achieve much more and be able to reach our goals according to the plans that we have set for the club.
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"In this kind of business, you need to be able to look at not today, but how you progress into the future. It is about sustainability," he said.
Motaung admitted that there are ups and downs in every journey, but he is adamant that they can overcome them together with Baxter.
"It is a journey full of challenges and we have to be ready for the challenges ahead," added Motaung.
Baxter echoed the chairman's sentiments, saying that agreeing to stay at Chiefs means there's a brighter future ahead.
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"Football in the modern era is very often quick fixes and I think agreeing continuation with our cooperation means Chiefs would like to build something that will last a long time," Baxter told the Chiefs website.
"I was told by my Mentor, former Manchester City coach Malcolm Allison years ago, Success is not about how many trophies or medals you can put in your cabinet. Success is about affecting people in a positive way and gaining peoples respect," he said.
"I heard that the late Nelson Mandela (1918 2013) also said it. When we won the double last season, I saw how many people we have affected.
"I would like to see us continuing to affect people positively and stimulate people to stretch themselves even further," added Baxter.
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