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Guard gets $111 million, six-year deal
Published on Friday, Jul 04, 2008
From Beacon Journal wire services
Gilbert Arenas is accepting less money from the Washington Wizards.
''What can I do for my family with $127 million that I can't do with $111 million?'' he told the Washington Post.
The unpredictable three-time All-Star point guard, in vintage Agent Zero fashion, told the Post and the Washington Times on Thursday that he has agreed to re-sign for $111 million for six years, considerably less than the maximum deal he said the Wizards offered him when the free agency period began on Tuesday.
Arenas negotiated the deal from China, where he is traveling as part of promotional tour for a shoe company, and did so without an agent.
''I'm basically giving back $16 million,'' Arenas told the Washington Times.
''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 and can't do anything about it.''
Arenas became a free agent after opting out of the final year of his six-year, $65 million contract at the end of last season. He initially said he was opting out to receive a max contract, but he later indicated he would be flexible in negotiations.
Arenas also said that he would not re-sign unless the team retained two-time All-Star forward Antawn Jamison. The Wizards lived up to that part of the bargain Monday by giving Jamison a four-year, $50 million deal.
A knee problem and an overzealous rehabilitation sidelined him for most of the past season. He had a first surgery on the knee in April 2007, tried to come back too soon and had a second operation in November. He missed 66 games before returning late in the season, but he had to shut himself down again during the first-round playoff series against the Cavaliers.
More NBA: Hornets, Paul find terms
• Chris Paul and the New Orleans Hornets 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.
• Michael Beasley returned to practice with the Miami Heat, one day after the No. 2 overall pick from Kansas State 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 at the Heat's summer-league camp Wednesday. He is listed as day-to-day.
• Former slam-dunk champion Gerald Green signed a one-year, minimum-salary contract with the Dallas Mavericks. The 6-foot-8, 200-pound swingman is known mostly for his exploits in the past two dunk contests, winning it in 2007 and finishing second to Dwight Howard this year.
NHL: Blackhawk injures knee
• Chicago Blackhawks defenseman James Wisniewski, 24, tore the anterior cruciate ligament in his right knee during training and will have surgery. Team officials said he should be able to return during next season.
• The Pittsburgh Penguins signed goaltender Marc-Andre Fleury, 23, to a seven-year, $35 million contract. Fleury was the No. 1 overall draft pick for the Penguins in 2003.
• Markus Naslund, the longtime Vancouver Canucks captain, agreed to terms with the New York Rangers on a two-year deal worth $8 million. Rangers General Manager Glen Sather said he couldn't wait any longer for Jaromir Jagr to make up his mind on what it would take to keep him with the team, so he went in a different direction.
• Defenseman Rob Blake signed a one-year, $5 million contract with the San Jose Sharks, leaving the Pacific Division rival Los Angeles Kings. Blake spent 131/2 of his 18 NHL seasons with the Kings.
Other: Ex-track star pleads guilty
• Former track star Tim Montgomery has pleaded guilty to a federal heroin distribution charge days before he was set to go to trial in Norfolk, Virginia. Montgomery entered the plea Thursday and faces a minimum of five years in prison. The Olympic gold medalist and former 100-meter world-record holder was arrested in April and accused of dealing more than 100 grams of heroin. A judge denied bond in May, saying he was a flight risk and a danger to the community.
• Olympic gold medalist Paul Hamm's broken hand is healed enough that he can return to regular gymnastics, giving him five weeks to get ready for the Beijing Games. Hamm, the only American man to win the world or Olympic titlesate, broke his hand May 22. His brother Morgan Hamm, who was selected for his third Olympic team last month, received a warning for getting a prescribed anti-inflammatory shot without the proper clearance from anti-doping authorities. ''It was an innocent mistake,'' Morgan Hamm said. Both gymnasts are Ohio State graduates.
• Defensive tackle Kyle Williams signed a three-year contract extension with the Buffalo Bills potentially worth $14.4 million. The two-year starter is now signed through 2012 and is guaranteed $5.2 million for the next two seasons.
From Beacon Journal wire services
Get the full article here.
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