The Raptors have officially signed last year's fifth overall pick Jonas Valanciunas, the team announced today in a press release. Valanciunas appears to have finalized his buyout with Lithuanian team Lietuvos Rytas and inked a rookie scale contract to join the Raptors.
"We are very pleased to welcome Jonas to the organization," said Raptors president and GM Bryan Colangelo in a statement. "We are certain that Raptors fans will soon realize that the year-long process was worth the wait."
Because he signed just a year after he was drafted, Valanciunas will likely receive a first-year salary worth 120% of this year's rookie scale amount for the fifth overall pick. Such an agreement would pay him $3,374,640 in his rookie season.