PHILADELPHIA (AP) – The lights dimmed as the video scoreboard started playing Allen Iverson’s career highlights.

There he was being announced as Philadelphia’s No. 1 draft pick, and later holding his MVP award. There he was celebrating victories, acting silly off the court and hugging former coach Larry Brown.

The memories showed what makes Iverson so valuable and why the Sixers couldn’t afford to lose him. Now, they won’t have to worry about that.

Iverson signed a four-year contract extension with the 76ers on Wednesday that will keep the three-time NBA scoring champion with them through the 2008-09 season.

“I always wanted to be a Sixer. I always wanted to finish my career as a Sixer,” Iverson said as the deal was announced at a special event for season ticket-holders at the Wachovia Center.

Terms were not announced, but a team source, speaking on condition of anonymity, said Tuesday the extension would pay Iverson $76.7 million over the four years.

“Allen said he always wanted to be a Philadelphia 76er and, with this contract, we’re telling him we always want him here as well,” team president Billy King said.

Iverson has one year plus an option remaining on his current deal, which will pay him more than $28 million over the next two years. The extension begins in 2005-06.

Iverson is entering the final year of a six-year, $71 million contract, including an option year, that he signed after the 1997-98 season.

Iverson and King signed the contract in front of nearly 200 wildly cheering fans. Iverson will be 33 when the deal expires and it means he will be the longest-tenured Sixer in team history.

King said negotiations moved quickly this summer with Iverson’s agent, Leon Rose. Iverson said he never thought about exploring free agency and wanted the deal done now so it wouldn’t be a distraction during the season.

“You all didn’t have a chance to make a big circus about it,” Iverson joked with reporters.

Iverson, wearing Philadelphia Eagles quarterback Donovan McNabb’s No. 5 jersey, repeatedly credited the fans for making him feel comfortable in Philadelphia.

“You’ve always embraced me through my ups and downs,” he said.

Iverson averaged 27.6 points last season, helping Philadelphia finish 48-34 and advance to the second round of the playoffs. He was the NBA’s MVP in 2000-01, when he led the 76ers to the Eastern Conference championship for the first time since 1983.

Iverson liked the direction of the team and credited King with making the moves that will keep them contenders. Philadelphia re-signed forwards Kenny Thomas and Derrick Coleman, signed free agent forward/center Amal McCaskill and traded for forward Glenn “Big Dog” Robinson and center Marc Jackson.

“This is the most excited I’ve been since I’ve been in the league,” Iverson said. “This team is better than the team I went to the finals with, on paper.”

In seven seasons, Iverson is averaging 27.0 points and 5.6 assists. This summer, he helped the U.S. team qualify for next year’s Olympics.

Iverson had a contentious relationship with Brown, who left to coach the Detroit Pistons after last season. It was so bad that Iverson was nearly traded to Detroit in the summer of 2000.

Iverson, however, was quick to credit Brown.

“I honestly think Coach Brown is the best coach in the world,” Iverson said. “He supported me. We had our ups and downs, but, without him, I may not have been able to sign this contract.”

Iverson gets along well with new coach Randy Ayers, who was Brown’s assistant. Having Iverson signed isn’t a bad way for Ayers to start his coaching career.

“It gives me a certain level of comfort knowing we have our best player under contract,” Ayers said. “It tells me Allen has confidence in the leadership of this team.”

Now Iverson wants to add the one thing missing in that highlight reel – a championship.

“I want to be in those rafters one day,” he said.

AP-ES-09-24-03 2037EDT