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The Timberwolves reached agreement Monday on a multi-year contract with unrestricted free agent Sebastian Telfair, his agent said.
Telfair, one of five players obtained from Boston last summer in the Kevin Garnett trade, gives the Wolves a second point guard on their roster. Until Monday, Randy Foye was the team's only point guard under contract.
"We're very excited for the opportunity to finish what we started," agent Andy Miller said. "Sebastian wants to help get this team back to the playoffs."
Telfair, who turned 23 last month, became an unrestricted free agent on July 1 when the Wolves declined to make him a one-year qualifying offer that would have guaranteed him $3.5 million.
Telfair started 51 of the 60 games he played for the Wolves last season and averaged 9.3 points, 5.9 assists and one steal a game. Foye missed the season's first three months because of a knee injury. Telfair missed the season's final six weeks because of a badly sprained ankle.
He is the second Timberwolf to re-sign in the past five days. Forward Craig Smith signed a two-year contract on Thursday. Restricted free agents Ryan Gomes and Chris Richard remain unsigned.