Lakers Officially Sign LeBron James

The Los Angeles Lakers officially announced the signing of LeBron James Monday.

"Today is a great day for the Lakers organization and Lakers fans all over the world to welcome LeBron James, a three-time NBA Champion and four-time NBA MVP," Lakers president of basketball operations Earvin "Magic" Johnson said in a statement.

Johnson, who is considered a key force in attracting James to LA, added, "LeBron is special. He is the best player in the world. He loves to compete and is an awesome leader who is about winning and making sure that his teammates are successful. The Lakers players are excited to have a teammate who has been to nine NBA Finals. It’s a huge step closer to returning the Lakers to the playoffs and to the NBA Finals."

As per tradition, the Lakers did not reveal the terms of the contract upon announcement of the signing, but Klutch Sports Group, which represents James, announced the terms as a four-year contract worth $154 million on July 1.

"This is a historic moment for the Lakers, and we could not feel more grateful and honored," Lakers General Manager Rob Pelinka said in a statement. "When LeBron James – a perennial NBA MVP and champion who is playing at the most astonishing levels of his career – chooses to join the Lakers, it serves as the ultimate validation for what we are building here."

Entering NBA Free Agency, James was considered the most highly coveted player on the free market. The Lakers' front office capturing, arguably, the greatest basketball player of all time reflects positively on the previously unproven tandem of Pelinka and Johnson.

"We all know that the work is not yet done," Pelinka added. "We will continue forward and do all that is necessary to achieve our shared obsession of bringing banner No. 17 to the world’s best fans – Lakers Nation."