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The New Jersey Nets have reached an agreement in principle with Richard Jefferson on a multi-year contract extension, Nets CEO Rod Thorn announced today. As per club policy, terms of the agreement were not released, but InsideHoops.com hears that the deal is for $78 million over six years.

"Richard's work ethic over the past three years has produced a significant development in his basketball performance," said Thorn." The Nets management feels very strongly that Richard will continue this upward spiral and be a cornerstone of this franchise, and we are very pleased that he will continue his basketball career past his current contract with the New Jersey Nets."

The Nets acquired Jefferson on June 27, 2001 from the Houston Rockets as part of a four-player trade. Jefferson has career stats of 14.5 ppg, 5.3 rpg and 2.7 apg, while shooting 48.9% from the field in the regular season and marks of 12.5 ppg and 5.6 rpg, while shooting 45.5% from the field in 51 playoff games over three seasons.

Jefferson, a member of the 2004 U. S. Olympic Team finished second in the 2001-02 NBA Rookie of the Year voting (Pau Gasol), and was named to the "Got Milk? All-Rookie Second Team." Last season, Jefferson averaged 18.5 ppg and 5.7 rpg, 3.8 apg, 1.12 spg in a career-high 82 games. On the season, he ranked first on the team in points (18.5 ppg) and minutes (38.2). The 49.8% from the floor ranked him 12th in the NBA and he finished tied for 17th in minutes per game (38.2). He recorded nine double-doubles last season and recorded 38 games with 20 or more points. The NBA named Richard Jefferson the 'Eastern Conference Player of the Week' for games played Monday, March 29 through Sunday, April 4. Jefferson averaged 22.5 points on .579 shooting, 8.8 rebounds and 6.8 assists in leading the Nets to a 3-1 record.