The Phoenix Suns and Eric Bledsoe finally reached a common ground on Thursday as the team announced that the restricted free agent guard signed a five-year deal to stay with the team.

Suns president of basketball operations Lon Babby announced the deal in a statement wherein he also said that Bledsoe will be an integral part of the Suns' future. The agreement also ended the long-standing standoff between the Suns and Bledsoe's camp.

"I learned long ago that it doesn't matter how stormy the sea is as long as the ship comes in and today we are thrilled that the ship has come in and Eric will remain a Sun for a long time," Babby said in a statement. "He will be an integral part not only of our basketball team, but our Phoenix community."

Bledsoe has not talked to the Suns since becoming a free agent earlier in the offseason, but the emerging star, along with his agent, Rich Paul, went to Phoenix on Wednesday to discuss a new deal with general manager Ryan McDonough and Babby.

The 24-year-old point guard is looking for a maximum deal this offseason worth around $85 million for five years. The Suns were unwilling to give Bledsoe the max, offering a four-year deal worth $48 million earlier in the offseason - an offer that was snubbed by the four-year veteran.

But after failing to get a maximum deal elsewhere, Bledsoe and his representatives appeared more willing to accept less-lucrative deal. They still had the leverage, though, because they threatened to sign a one-year qualifying offer, which could have made Bledsoe an unrestricted free agent next summer.

And when the dust settled, the two sides agreed to a five-year contract believed to be at $70 million as reported by Adrian Wojnarowski of Yahoo Sports.

"Lon, Ryan and the Suns have shown confidence in me, and I am looking to take that responsibility and help our team get better from last year and position ourselves to win an NBA championship," said Bledsoe, who averaged 17.7 points and 5.5 assists last season. "It's why I came back to Phoenix. All summer, I knew that I really would be most comfortable coming back to Phoenix because of the great fans, my Suns teammates and our coaches."