Luke Ridnour's contract extension with the Sonics is believed to be worth $18 million over three seasons.

Talks between general manager Rick Sund and Ridnour's agent, Lon Babby, intensified this weekend, and the agreement was finalized after Sund met with new owner Clay Bennett.

"I'm excited that it's over with and now I can get ready to play," said Ridnour, who has averaged 9.2 points and 5.2 assists in 230 career games. "This is where I want to be. I like what we've got going here, and I am excited about being a part of where the organization is going."