Veteran guard Kyle Lowry signs one-year deal to return to the Philadelphia 76ers

Kyle Lowry will be staying in Philadelphia after signing a one-year deal with the Philadelphia 76ers, per multiple reports. The 38-year-old guard confirmed that he was staying in his hometown with a video posted on Instagram.

Talks to keep Lowry in Philadelphia ramped up over the past week as Lowry was considering other possibilities, according to ESPN's Adrian Wojnarowski. 76ers president of basketball operations Daryl Morey cemented a deal Thursday to keep Lowry's veteran presence on the team for another season. The value of the deal has not been reported.

The veteran guard averaged 8.1 points, 3.2 rebounds and 4.2 assists in 23 games for Philadelphia since joining the team in February. Lowry started 20 games this past season, playing an average of a little over 28 minutes per game.

Lowry will now spend the next year chasing a championship alongside Joel Embiid, Tyrese Maxey and recent signee Paul George, who agreed to a $212 million max contract with Philly last week.

Lowry was obtained by the 76ers after 2 1/2 seasons with the Miami Heat. Prior to his time in Miami, Lowry spent nine seasons with the Toronto Raptors, where he won an NBA championship in 2019. The point guard is a six-time All-Star, earning the honor for six straight seasons from 2015-20.

Lowry is the Raptors' all-time leader in assists, triple-doubles, steals and 3-pointers.