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Official: Nets re-sign Wallace

7/11/2012

The Nets officially announced Wednesday that they’ve re-signed Gerald Wallace.

The two sides had verbally agreed to a four-year, $40 million contract extension July 1, the first day of free agency, sources told ESPN.com’s Marc Stein. Deals could not be signed until Wednesday.

Pending other transactions being made official (i.e., the Joe Johnson trade), the Nets currently have four players under contract who are expected to be on the roster next season: MarShon Brooks, Deron Williams, Tyshawn Taylor and Wallace.

“He is a proven veteran who is a leader both on and off the court, and his style of play is critical to the team’s success,” GM Billy King said in a statement.

King traded the Nets’ first-round pick (No. 6 overall) to Portland in exchange for Wallace last season.

Wallace opted out of the final year of his contract at the end of the season, but elected to stay with the Nets on a long-term deal.