Toronto, ON (SportsNetwork.com) - Kyle Lowry is officially staying in Toronto.
Shortly after the moratorium for free agency ended at midnight Wednesday, the Raptors announced a press conference to confirm the Lowry signing on Thursday morning.
Terms of the multi-year deal were not disclosed, but earlier reports had Lowry and the Raptors agreeing to a four-year contract worth $48 million.
"We made it known that our top priority heading into the offseason was to re- sign Kyle," said Raptors president and general manager Masai Ujiri on Thursday. "He was a key to our success last season and we are delighted that he wants to be here in Toronto to help us continue to build a championship program."
Lowry, 28, averaged 17.9 points and 7.4 assists in his second season with the Raptors, helping them reach the playoffs for the first time in six years.
The new deal reportedly includes an early termination option allowing Lowry to become a free agent after the third season.
Lowry was acquired in July 2012 in a trade with the Houston Rockets, who were reportedly one of the teams focusing on Lowry as a potential offseason addition.
In two seasons with Toronto, Lowry has averaged 15.0 points, 6.9 assists and 4.7 rebounds. He has career averages of 11.7 points, 5.4 assists and 3.8 rebounds in 506 NBA games for Memphis, Houston and Toronto.