Report: Arenas signs long-term deal

WASHINGTON, July 3 (UPI) -- Washington Wizards guard Gilbert Arenas has agreed to a six-year contract extension worth $111 million, The Washington Post reported Thursday.

Arenas agreed to sign for about $16 million less than he was originally offered so the team would have more money to sign other players, the newspaper said.

"What can I do for my family with $127 million that I can't do with $111 million?" Arenas told the Post.

Arenas has been a member of three NBA all-Star teams. He missed 66 games with the Wizards last season due to a knee injury.

In seven seasons, he has averaged 22.8 points per game.

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