AMERICAN BONES
07-23-2008, 03:13 PM
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seems like these mid level NBA role players are realizing they can make much more money overseas, hopefully this wont become to big of a pattern
ATHENS, Greece -- Josh Childress signed a reported three-year deal with the Greek club Olympiakos after leaving the Atlanta Hawks.
Childress was a restricted free agent, which meant the Hawks had the right to match offers from other NBA teams, but not from international clubs. Agent Lon Babby said the deal was worth about $20 million after taxes and was far more lucrative than what Childress could have received in the United States.
The money is guaranteed, and Childress can opt out of the contract after each year.
"It's obviously a bit different, being the first player to do something like this," Childress said on a conference call. "But I think it's a great opportunity, and it's going to be a great experience for me."
"I was in a situation that I really didn't know what my answer would be when I got to Athens," he said. "But it's a great city and a great team, and they did everything to make me feel at home."
Olympiakos finished runner-up in the Greek basketball league last year, behind rival Panathinaikos. It has boosted its roster with summer transfers -- including Greek star Theodoros Papaloukas, who was signed from CSKA Moscow.
Childress averaged 11.8 points and 4.9 rebounds as the Hawks' top reserve last season.
The deal is the most lucrative current contract in European basketball and the biggest in Euroleague history, according to the Atlanta Journal-Constitution, which first reported the signing. It follows the decision by top prep prospect Brandon Jennings to sign with an Italian club team rather than play a season at Arizona.
The newspaper reported Monday the Hawks had a deal on the table worth nearly $36 million, with a first-year salary in excess of the midlevel exception of $5.6 million.
As for his NBA status, Childress will remain a restricted free agent as long as the Hawks give him a qualifying offer each year.
The Hawks are likely to do that, unless they want to sign free agents in 2009 or 2010 and need to lose his cap hold -- the amount of money that a free agent counts against the salary cap while the team retains his rights.
seems like these mid level NBA role players are realizing they can make much more money overseas, hopefully this wont become to big of a pattern
ATHENS, Greece -- Josh Childress signed a reported three-year deal with the Greek club Olympiakos after leaving the Atlanta Hawks.
Childress was a restricted free agent, which meant the Hawks had the right to match offers from other NBA teams, but not from international clubs. Agent Lon Babby said the deal was worth about $20 million after taxes and was far more lucrative than what Childress could have received in the United States.
The money is guaranteed, and Childress can opt out of the contract after each year.
"It's obviously a bit different, being the first player to do something like this," Childress said on a conference call. "But I think it's a great opportunity, and it's going to be a great experience for me."
"I was in a situation that I really didn't know what my answer would be when I got to Athens," he said. "But it's a great city and a great team, and they did everything to make me feel at home."
Olympiakos finished runner-up in the Greek basketball league last year, behind rival Panathinaikos. It has boosted its roster with summer transfers -- including Greek star Theodoros Papaloukas, who was signed from CSKA Moscow.
Childress averaged 11.8 points and 4.9 rebounds as the Hawks' top reserve last season.
The deal is the most lucrative current contract in European basketball and the biggest in Euroleague history, according to the Atlanta Journal-Constitution, which first reported the signing. It follows the decision by top prep prospect Brandon Jennings to sign with an Italian club team rather than play a season at Arizona.
The newspaper reported Monday the Hawks had a deal on the table worth nearly $36 million, with a first-year salary in excess of the midlevel exception of $5.6 million.
As for his NBA status, Childress will remain a restricted free agent as long as the Hawks give him a qualifying offer each year.
The Hawks are likely to do that, unless they want to sign free agents in 2009 or 2010 and need to lose his cap hold -- the amount of money that a free agent counts against the salary cap while the team retains his rights.