Wizards Sign Jannero Pargo

10:55am: The Wizards have formally announced the signing with an official press release.

"Jannero brings us veteran leadership and added depth to our backcourt," said president Ernie Grunfeld. "He is a hard-nosed competitor and proven outside shooter that will fit well with the mix of veterans and young players on our roster."

10:32am: The Wizards have agreed to terms on a one-year deal with point guard Jannero Pargo, according to agent Mark Bartelstein (Twitter link via Adrian Wojnarowski of Yahoo! Sports). The move comes on the heels of the team's announcement that John Wall would be out eight weeks with a patella injury, leaving Shelvin Mack and A.J. Price as the only point guards under contract to start the season.

We had heard late last week that Pargo was expecting to finalize a deal within the next few days, and I was surprised he remained on the market for this long. In part-time action for the Hawks last season, Pargo was an effective backup, ranking among the top scorers, shooters, and distributors on the free agent market when we checked in a month ago. His contract with the Wizards will include a partial guarantee, according to SI.com's Sam Amick (via Twitter).

With the addition of Pargo, the Wizards will have 19 players under contract for training camp. Mack and Pargo appear to each have partial guarantees on their deals, while Earl Barron, Brian Cook, Steven Gray, and Shavlik Randolph are on non-guaranteed contracts.

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