HOUSTON (AP) — Yao Ming signed a five-year contract worth more than $75 million Thursday, keeping the 7-foot-6 center with the Houston Rockets through the 2010-11 season.
The extension, the maximum allowed under the NBA's new labor deal, ended days of speculation about Yao's future. Owner Leslie Alexander called the agreement "as important as anything I've done as an owner."
"I think he could become one of greatest players in the history of the game," Alexander said during a conference call from New York. "To have the next great big man tied up for a long time is very, very important for this team and I believe it will give us a chance to compete for the championship for many years to come."
The contract will be 25 percent of the salary cap, meaning the first year will be worth an estimated $12.5 million. The three-time NBA All-Star has one year remaining on his rookie contract, which will pay him more than $5.5 million next season.
Yao said through an interpreter that the decision to remain in Houston was easy one because he loves the city and his teammates.
NETS SIGN JOHNSON: The New Jersey Nets on Thursday signed free agent Linton Johnson, a forward who missed all but two games last season with the San Antonio Spurs because of a stress fracture in his ankle. The 6-foot-8 Johnson was a rookie with the Chicago Bulls in 2003-04. He played in 41 games and averaged 4.2 points and 4.5 rebounds in 18 minutes.