James Posey with Grizzlies as Rockets do not match

Updated: August 9, 2003, 3:47 PM ET

MEMPHIS, Tennessee - Swingman James Posey is officially a member of the Memphis Grizzlies as the Houston Rockets elected not to match the offer sheet.

A restricted free agent, Posey signed an offer sheet with the Grizzlies on July 23. The Rockets had 15 days to match the offer and did not, Grizzlies president Jerry West announced Saturday.

Terms were not disclosed, although reports put the deal at $24 million for four years.

"We are very excited to have James join our team," West said. "He is a great athlete who can play mutiple positions. We have another veteran who coaches can expect to provide leadership and experience, and we value his ability to play defensively."

A four-year veteran, the 6-7 Posey averaged 10.8 points, 5.1 rebounds, 1.3 steals last season as he was the only player to play in 83 games. He played 25 games with the Denver Nuggets before being traded to Houston.

"It's a good situation for me," Posey said. "The Grizzlies are a young team with very talented players who work hard. I like their style of play; it's very unselfish. I think it's a good fit for me, because my skills start with defense."

An alumnus of Xavier, Posey has averaged 9.4 points, 5.0 rebounds and 2.1 assists in 319 career games. He was a member of the 2000 All-Rookie Team.

This story is from ESPN.com's automated news wire. Wire index