As previously reported Jerry Borash sent out a message on Twitter concerning Shiek Bashir.
Sources tell me Sheik Abdul Bashir has signed a new multi-year contract with TNA. Everyone put on your turbans! http://twitpic.com/5dgio10:58 AM Jun 27th from web
It is my understanding that a contract has not yet been signed but that the parties are close to an agreement with only minor issues left to be resolved.
Contracts are sorta like pregnancy. You either have one signed or do not. No grey area.
Darn those "sources"