Arenas turns down $16m

WASHINGTON (Reuters) Washington Wizards guard Gilbert Arenas will definitely not have to worry about the cost of gas for a while. He has agreed a six-year extension worth $111 million, ending his free agency.

Arenas was offered a maximum deal worth $127 million but accepted a lower offer to give Washington more financial flexibility.

‘What can I do for my family with $127 million that I can’t do with $111 million?’ Arenas said.

The move comes three days after the Wizards re-signed fellow free agent Antawn Jamison to a four-year deal.

Arenas, 26, missed 66 regular-season games last year due to a knee injury. He returned for the Wizards’ first-round playoff series against the Cleveland Cavaliers but had to rest again after Game 4.

Arenas, one of the league’s premier showmen and characters, is a three-times All-Star with career averages of 22.8 points and 5.5 assists per game.