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Former Indiana Pacer Lance Stephenson has signed with the Charlotte Hornets.
The Charlotte Observer was the first to report news of the signing and details of the contact.
Under the terms of the new $27 million deal, the shooting guard will receive $9 million a year and a team option for a third year.
The 23-year-old signed the agreement Wednesday morning after he and his representatives met with owner Michael Jordan and general manager Richard Cho late Tuesday evening.
ESPN noted that Stephenson had a rather tumultuous relationship with his former team, but his agent released the following statement on his behalf.
"Lance is forever grateful for all the love he's received from Pacers fans. He is especially grateful to his teammates, [Pacers coach] Frank Vogel, [owner] Herb Simon, the Pacers management and most of all, Larry Bird," the statement said.
The 6 foot 5, 210-pound Stephenson is coming off his best season numbers wise averaging 13.8 points a game. However, he also serves as a defensive upgrade, which is an area he should really be able to help the Hornets in.
The Charlotte Hornets will sign Lance Stephenson to a 3-year contract, the last season a team option, the Observer has learned.
— Rick Bonnell (@rick_bonnell) July 16, 2014