Basketball: Arenas inks multi-million dollar extension with Wizards
Posted: 04 July 2008 1507 hrs

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WASHINGTON: Washington Wizards guard Gilbert Arenas agreed to a six-year, US$111 million contract on Thursday, according to the Washington Times.

The deal, which will keep the star guard with the Wizards until 2014, cannot become official until a league moratorium concludes July 9.

Arenas opted out of the final year of his contract earlier this offseason and was offered a six-year, US$127 million deal Tuesday - the first day of free agency.

According to the Times, Arenas took less money because he did not want to be a burden on the team's salary cap.

- AFP/yb