. Last Updated: 07/27/2016

O'Neal Agrees To Lakers Deal

ATLANTA -- Shaquille O'Neal signed a seven-year, $120 million contract with the Los Angeles Lakers on Thursday on the U.S. Dream Team's first full day at the Olympics.

Even though O'Neal refused to talk about the deal, the Lakers confirmed they had signed one of the National Basketball Association's most dominant players.

Just after the signing, the Lakers raised ticket prices, with cheapest seat going from $9.50 to $21. The rest of the increases will be announced later, the team said.

O'Neal, a free-agent after four years with the Orlando Magic, said he would discuss his status at an afternoon news conference at Reebok's Olympic headquarters.

His teammates on the Olympic team were already talking about the deal.

"It's kind of devastating, but it's one of those things where you have to wish him the best,'' said Magic guard Penny Hardaway.