Peja Stojakovic officially joined the Hornets Wednesday, with the Pacers and Hornets agreeing to a sign and trade, rather than a straight signing, the Associated Press is reporting.

Stojakovic's agent, David Bauman, had said last week that Stojakovic would sign as a free-agent with New Orleans, but general manager Jeff Bower said the sign-and-trade deal was better for both sides.

The Hornets also get cash in the deal, while the Pacers receive the draft rights to Andrew Betts, a 7-foot-1 center from Britain who was a second-round draft pick by the Hornets in 1998. Betts has never played in the NBA.

Bauman has said Stojakovic's deal with the Hornets would be worth $64 million over five years.

Hornets owner George Shinn called Stojakovic's acquisition "perhaps the biggest offseason acquisition in the history of the franchise."

"I wasn't really trying to prove a point. I do know in the last season or two we made a couple passes at some players that were out there and they fell through. ... We just decided that if we're going to get it done, we've got to get everybody's attention and let them know we want to get it done," Shinn said.

"We all realized how much getting the best shooter in the NBA to join our team, how much it would help us."

Via ESPN

New Orleans Hornets, Indiana Pacers

Read the Full Story Discuss Send Feedback Buy Tickets