Washington Wizards' President Ernie Grunfeld announced today that the team has re-signed guard Gilbert Arenas.  Per team policy, terms of the contract were not released.

"Today is a great day for the Wizards' organization," said Grunfeld.  "Gilbert is a phenomenal player, and his value to the franchise goes beyond what he brings to the court.  We're proud and excited that we were able to take care of our own free agents and open the 2008-09 season with a healthy core intact."

Prior to last season, Arenas represented the Wizards at three consecutive All-Star Games (2005, 2006, 2007).  During that stretch, he averaged 27.7 points, 5.7 assists, 4.3 rebounds, and 1.9 steals to earn All-NBA Second Team honors once (2006-07) and All-NBA Third Team honors twice (2004-05 and 2005-06).  Arenas  averaged 19.4 points and 5.1 assists in just 13 regular season games in 2007-08 after undergoing surgery to repair a torn meniscus in his left knee.

"I'd like to thank Mr. Pollin, Ernie Grunfeld, the entire Wizards' organization and, most importantly, the fans for their support and their commitment to building a championship team," said Arenas.  "I think with the players we have on this roster, we can compete with anyone in the NBA and I look forward to returning to the court next season on a mission to deliver a championship banner to Washington D.C."