WASHINGTON — Gilbert Arenas signed his six-year, $111 million contract with the Washington Wizards on Sunday, securing the return of a franchise player who is accepting less money than he was offered.
Arenas and the Wizards agreed to the deal July 3, but both sides waited until Arenas returned from an overseas trip to settle the details.
“Today is a great day for the Wizards’ organization,” team president Ernie Grunfeld said. “Gilbert is a phenomenal player, and his value to the franchise goes beyond what he brings to the court.”
The Wizards offered Arenas $127 million, but he agreed to take a lesser amount to help the team sign other players.
The Wizards also bolstered their chances of keeping Arenas by signing free-agent teammate Antawn Jamison to a four-year, $50 million contract. Arenas had said he would not return to the team if his good friend Jamison left.
