Dec. 17 (UPI) -- The Portland Timbers have signed star midfielder Diego Valeri to a multiyear contract extension.
Portland announced the pact Monday. The Timbers will use targeted allocation money to complete the deal, meaning they will receive funds from MLS for the transaction. Valeri -- the 2017 MLS MVP -- has a franchise-best 76 goals, 81 assists and 233 points during the Timbers' MLS tenure.
"I am happy to extend my contract with the Portland Timbers," Valeri said in a news release. "I would like to thank all the people involved to make it happen as I always expected.
"I have a special mention for Florencia, Connie and our fans who have warmly supported me throughout the years. It's an immense honor to play for them."
Valeri, 33, had eight goals and 16 assists in 31 games in 2019. His assists total set a new club record for a single season. Valeri scored 21 goals and had 11 assists during his 2017 MVP campaign. He has registered double digits in goals and assists in four of his seven seasons with Portland. Valeri in a four-time MLS All-Star.
"Diego is a Timbers legend and we couldn't be happier that he and his family will remain in the Rose City," said Gavin Wilkinson, general manager and president of soccer for the Timbers.
"Not only has Diego been a leader in MLS over his career, he has become a local icon who is tremendously important to the club, the fans and the city of Portland. We look forward to raising another cup with him."
The Timbers begin their 2020 campaign with a match against Minnesota United FC March 1 in Portland.