WASHINGTON — Gilbert Arenas has agreed to re-sign with the Washington Wizards for $111 million over six years, essentially taking millions less so his team could have more financial flexibility, two newspapers reported Thursday.
Arenas told the Washington Times and Washington Post that he was offered a maximum deal in the neighborhood of $127 million on Tuesday, the first day of the free agency period.
“(The Wizards) offered me the max, and I’m basically giving back $16 million,” Arenas told the Washington Times from China, where is traveling as part of a promotional tour for a shoe company.
“This is in line with what I’ve been saying the whole time. You see players take max deals and they financially bind their teams. I don’t wanna be one of those players, and three years down the road your team is strapped.”
Arenas has averaged 22.8 points, 5.5 assists and 4.2 rebounds in his seven-season NBA career.
Paul, Hornets reach deal.
Chris Paul and the Hornets have reached a contract agreement that could keep the all-star point guard with the team for at least the next four seasons.
Lance Young, Paul’s agent, said Paul agreed to a three-year extension with a player’s option for a fourth year. The total value of the deal is $68 million.
Paul has one season remaining on his current contract.
Beasley returns to practice.
Michael Beasley returned to practice with the Heat, one day after the No. 2 overall pick in last week’s NBA draft was knocked out of his first official summer-league workout with a chest bruise.
Beasley was inadvertently elbowed by a teammate during a defensive drill about 45 minutes after Miami opened its summer league camp Wednesday morning.
Magic signs Lee.
The Magic signed first-round draft pick Courtney Lee.
The 6-foot-5 guard from Western Kentucky will receive about $1 million in each of his first two pro seasons. The Magic took Lee with the 22nd pick in the NBA draft.
Bickerstaff, Harris join Bulls staff.
Former NBA coaches Del Harris and Bernie Bickerstaff were named assistants under under new Bulls coach Vinny Del Negro.
Smith promoted.
The Jazz has promoted Richard Smith to director of basketball operations. The Associated Press
