"We expected and anticipated that Gilbert would elect to opt out of his contract. Gilbert has said that he intended to opt out for business reasons with the ability to sign a longer and more lucrative deal. As a three-time All-Star and one of the league's best players, we understand why a player of his stature would like to be compensated accordingly," said Grunfeld.

"Gilbert has made a significant impact with his exploits on the court and a sincere connection with our fans and our community because of his compassion and generosity. Gilbert has said that his intention is to remain with our organization and we are committed to having him spend his entire career as a Washington Wizard."