The standoff between Eric Bledsoe and the Phoenix Suns ended on Wednesday night as NBA free agents 2014 rumors indicated that the two sides have agreed to a new deal.
Adrian Wojnarowski of Yahoo Sports first reported that Bledsoe, a restricted free agent this summer, accepted a five-year, $70 million offer to stay with the Suns, ending months of speculations about the point guard's future in Phoenix.
Bledsoe previously turned down a four-year offer worth $48 million earlier in the offseason and demanded for maximum five-year deal worth $85 million, but the Suns did not budge.
Previous NBA free agent rumors 2014 update suggested that the Suns tried to look for sign-and-trade partners, but they were not able to find a team, who are willing to give the assets that they are looking for.
The Minnesota Timberwolves expressed willingness to give Bledsoe a maximum deal, but they don't have enough cap space to sign the emerging guard outright, which means that they have to convince the Suns to agree to a sign-and-trade deal.
However, the Suns reportedly turned down an initial proposal from the Timberwolves as they are not interested in Minnesota's trade assets, including point guard Ricky Rubio.
After failing to find the deal that they are looking for, Bledsoe and his agent Rich Paul flew to Phoenix on Wednesday to sit down with Suns representatives in the hope of finding a common ground.
Bledsoe, who averaged 17.7 points to go along with 5.5 assists and 4.7 rebounds per game last season, then agreed to a new deal with Phoenix.
The Suns gave into the final demand of Bledsoe's camp because the former Kentucky standout threatened to sign a one-year qualifying offer, which would make him an unrestricted free agent next summer.
"We are thrilled Eric Bledsoe will be in a Phoenix Suns uniform for years to come," Suns general manager Ryan McDonough said in a statement. Eric is one the most exciting and dynamic two-way players in the league. He played very well for us on both ends of the floor last season and we feel he is well on his way to establishing himself as one of the elite players in the NBA."
Meanwhile, in other NBA free agents 2014 rumors update, the Los Angeles Lakers signed veteran guard Ronnie Price to a one-year deal on Wednesday.
Price, who averaged 2.4 points and 2.1 rebounds in 31 games with the Orlando Magic last season, will compete for playing time with Jeremy Lin, Steve Nash and rookie point guard Jordan Clarkson, the 46th overall pick in the 2014 NBA Draft.
