Mitch Richmond and the Washington Times have reached agreement in principle on a $40 million deal that will make Richmond the highest paid shooting guard in the NBA, The Washington Post reported today.
Citing sources with knowledge of the negotiations, the newspaper said Richmond will earn at least $40 million over four years, with most of the money guaranteed.
However, there are some performance incentives in the pending contract that would have to be reached for Richmond to get all the money.
Richmond is likely to receive $10 million in the first year of the contract, with annual raises of as much as 12.5 percent for the following three years.
The Times said the deal is likely to be signed next week after Richmond returns from a vacation in Florida.
"I'm really happy about getting this done and getting it behind me," Richmond told the paper. "I think if you look at what the team has done, there is a big upside now."
"We lost some quality players, but we also gained some quality in the guys we picked up. I'm glad to be in a position where I'm with a team that I can finish my career with. Now the goal is to get into the playoffs and make some noise this year."
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