Tuesday, July 16, 1996

Olajuwon signs five-year, $55 million contract

By Associated Press

HOUSTON (AP) - Houston Rockets center Hakeem Olajuwon signed a five-year $55 million contract Monday that club officials said aimed to have the 12-year veteran finish his playing career in Houston.

The signing was announced in Orlando where Olajuwon is in training for the U.S. Olympic basketball team.

"I am very fortunate that I will have the opportunity to play my entire career in a Rockets uniform - a privilege that most players do not have," Olajuwon said. "The Rockets are my family and I am excited to continue to play for the wonderful fans of this city."

"Hakeem is a unique leader, largely responsible for Houston's first two world championships and this gives the Rockets the opportunity to challenge for more NBA titles," team owner Les Alexander said.

"This compares with any contract that's out there now. It's historic in the fact that most great, great players - and Hakeem is one of the greatest players in the history of any sport - stay with their team for their entire career."

"This is also a commitment from me to try to bring the championship back," Olajuwon added.

The contract, agreed to by Olajuwon last week in Phoenix, still requires approval from the NBA. The league must approve all renegotiated player contracts before they become official.

Olajuwon, 33, had just finished the first year of a four-year deal worth $26.4 million. That contract gave him the opportunity to become a free agent after the 1996-97 season.

Details of the agreement were not released but the Houston Chronicle had reported Sunday that there is no "opt-out" clause in the contract. That means Olajuwon will be bound to the Rockets until the end of the 2000-2001 season, barring a trade.

The new deal puts Olajuwon ahead of David Robinson, who signed a deal with the San Antonio Spurs reportedly worth $66 million for six seasons.

However, Olajuwon's deal is well behind the one-year, $25 million deal Michael Jordan agreed to Friday with the Chicago Bulls.

Olajuwon was able to renegotiate because of a clause in the new collective-bargaining agreement, dealing with longevity and loyalty to one team, that currently applies only to him.

In addition, the Rockets can adjust Olajuwon's contract because he is in his option season.

Last season, Olajuwon surpassed Kareem Abdul-Jabbar to become the NBA all-time leader in blocked shots with 3,190. He also last season finished in the top 25 in the league in six categories, including second only to Jordan in scoring with a 26.9 point average.

For his 12-year career, he has averaged 24.3 points and 12.2 rebounds per game.