Nash, Suns agree on two-year extension

Steve Nash and the Phoenix Suns have agreed on a two-year, $22-million contract extension, his agent, Bill Duffy, confirmed Monday.

The deal, which will keep the two-time MVP point guard under contract with the Suns through the 2011-12 season, was first reported by ESPN. Nash, 35 and entering his 13th NBA season, had one year left on his contract that would pay him $13 million next season.

Under the agreement, which Nash is expected to sign later this week, $6 million of the final two years of the contract will be deferred, with $3 million being paid in each of the two years after the expiration of the contract, Duffy said.

--

Cuban is sued

Dallas Mavericks owner Mark Cuban is accused of wrongfully diverting millions of dollars from the franchise’s home arena to help make up for cash shortfalls incurred by the team, according to a lawsuit filed by a company controlled by the team’s former owner.

The lawsuit claims Cuban covered the Mavericks’ financial shortfalls by obtaining more than $29 million in unauthorized loans through a limited partnership designed to distribute profits from the arena, the American Airlines Center. It accuses the Mavericks and three other companies controlled by Cuban of breach of contract, breach of fiduciary duty and unjust enrichment.

The company that filed the suit, Hillwood Center Partners, is controlled by former Mavericks owner Ross Perot Jr. and holds a small interest in the arena’s limited partnership.

In an e-mail to media, Cuban said his attorneys have been open with Perot about the loans. He said the proceeds have been used “to put the best possible Mavericks team on the court,” creating sellouts for the arena and driving customers to nearby businesses.

Cuban said he believes Perot is “trying to find nickels in the sofa cushion” in an attempt to recoup losses from a retail and office development surrounding the arena. Perot’s development company gave up its stake in the project to German investors in April, resulting in a reported loss of $100 million.

--

Pacers let Jack go

The Indiana Pacers will not match the offer sheet guard Jarrett Jack signed with Toronto. The Pacers said they may sign former UCLA guard Earl Watson to replace Jack.