"The Heat made it official Wednesday when they announced the signing of free agent guard Mike Bibby.

A 13-year veteran, Bibby provides the Heat with experience and 3-point shooting. He cleared waivers shortly after 6 p.m.

"We want to welcome Mike Bibby as we continue to move into the direction of our championship dreams," Heat president Pat Riley said. "We feel Mike, with his vast postseason experience, long-range game and point guard abilities, will give us a boost in the backcourt."

The Heat waived Carlos Arroyo to make room for Bibby, who was bought out of his contract with the Washington Wizards. With 80 postseason starts, he is more seasoned than Heat starter Mario Chalmers. While Bibby may not start immediately, he is expected to fulfill that role in time."