New York, NY (Sports Network) - The New York Knicks and disgruntled guard Stephon Marbury have finally parted ways after coming to an agreement on a buyout Tuesday that resulted in the team requesting waivers on the 12- year veteran.
The Knicks and Marbury released a joint statement following a scheduled arbitration hearing to discuss the veteran's grievance against the team after he was levied a $400,000 fine. Marbury reportedly refused head coach Mike D'Antoni's request to play in a road game against the Detroit Pistons on November 26. Marbury was then suspended and fined by the team.
"A comprehensive agreement was made this afternoon between the New York Knicks and Stephon Marbury," the statement said. "Under its terms, the grievance has been resolved and the Knicks have requested waivers on Stephon. No additional terms will be disclosed."
The New York Times reported that the grievance hearing quickly turned to buyout negotiations and that, as part of the deal, Marbury was asked to drop the grievance and give up close to $2 million in order to be released. Marbury had reportedly offered to relinquish up to $1 million of his salary if there was an agreement by March 1. If he was waived after that, Marbury wouldn't be eligible to play for a different team in the playoffs. Multiple national reports have the Boston Celtics set to sign a deal for his services once the waivers process is complete.
It was on December 1 when the Knicks told Marbury to stay away from the team until his contract situation could be worked out. Marbury, who is being paid $21.7 million this season and is in the final year of his contract, was apparently upset with D'Antoni's plan to use the Brooklyn native in a very limited role this year.
Marbury averaged 13.9 points and 4.7 assists per game last season. A two-time NBA All-Star, Marbury has averaged 19.7 points and 7.8 assists in 823 games over his 12-year career with Minnesota, New Jersey, Phoenix and New York.