Los Angeles Clippers point guard Chris Paul (R) smiles as he sits with coach Vinny Del Negro during a news conference in Playa Vista, Los Angeles, California, Dec 15, 2011. [Photo/Agencies]

The Los Angeles Clippers acquired point guard Chris Paul from the New Orleans Hornets on Wednesday in a deal that ends a week-long saga involving the sought after NBA All-Star.

In exchange for sending Paul and two 2015 second round picks to the Clippers, the Hornets will receive guard Eric Gordon, forward Al-Farouq Aminu, center Chris Kaman and a 2012 first round pick.

The deal comes after the NBA, which owns the Hornets, controversially vetoed a trade that would have sent Paul to the Los Angeles Lakers last week.

Commissioner David Stern defended that decision while announcing the deal on Wednesday.

"It is our belief that the proposed transaction tonight is better than the transaction that I did not sign off on," Stern told reporters on a conference call.

"It is our responsibility to make (the Hornets) as attractive and competitive as we can and make sure we have an owner that will keep them in New Orleans."

A four-times All Star, Paul was set to become a free agent after this season when it was believed he would leave the Hornets.

Teams were lining up with proposed deals to acquire his services, but in the end it was the Clippers who put together the offer that appeased the NBA.

Paul averages almost 19 points per game and 10 assists for his career and is the latest addition to a revamped Clippers roster.

The team also acquired forward Caron Butler and point guard Chauncey Billups this off-season to team up with Blake Griffin.

Gasol signs new 4-year deal with Grizzlies

Spanish basketball players Pau Gasol attends a news conference at Palau Blaugrana arena, in Barcelona, Oct 6, 2011. [Photo/Agencies]

The Memphis Grizzlies have re-signed Spanish center Marc Gasol, the team said on Wednesday, after he helped them to their most successful season by reaching last season's conference semi-finals.

Gasol, who had used his Twitter page to say a tentative agreement had been reached on Monday, agreed to a four-year contract for $57.7 million, according to local media reports.

"We are very happy to re-sign Marc Gasol, who has been one of the pillars of the Grizzlies franchise since his arrival," team general manager Chris Wallace said in a statement.

"We are excited to keep him as part of our core group of players and to build on what this organization has already achieved for many years to come."

Memphis beat the Western Conference top seed San Antonio Spurs in the first round of the playoffs last season before pushing the Oklahoma City Thunder to seven games in the conference semi-finals.

The 26-year-old 2.16 meter Gasol averages 12.6 points and 7.8 rebounds per game after three seasons in the NBA, all with the Grizzlies.