ALinChainz
08-16-2005, 01:36 PM
By STEPHEN HAWKINS, AP Sports Writer
August 16, 2005
DALLAS (AP) -- Michael Finley would still be with the Dallas Mavericks if they could have acted with their hearts. Instead, they had to make the right financial decision.
The Mavericks were one of 18 teams to take advantage of a one-time chance to escape luxury tax obligations for any single contract on their books, waiving their captain just before the deadline late Monday night. Dallas owes Finley $51.8 million over the next three seasons.
``This is the hardest part of our business,'' said Donnie Nelson, the Mavs' president of basketball operations. ``We were trying to come up with some creative ways to still have financial freedom and somehow keep Mike. There was no way around the situation. ... There's no question that it's been a very difficult process for the franchise.''
Teams had until Monday to take the amnesty option that was part of six-year collective bargaining agreement agreed to earlier this summer by the league and the players' union.
In all, 18 teams saved more than $212 million in future tax payments by waiving players.
Dallas, by far, reaped the most savings by releasing 10-year veteran Finley. The Los Angeles Lakers saved $29.7 million over the next two seasons by releasing Brian Grant, who was expected to sign Tuesday with Phoenix, and the New York Knicks avoid $23.1 in luxury taxes over three seasons for forward Jerome Williams.
Under terms of the rule, players who were waived will still be paid by their former teams and cannot re-sign with them until their current contracts have expired. They also get whatever money from contracts with new teams.
The Mavericks avoid a dollar-for-dollar tax on Finley's $15.9 million salary for the 2005-06 season. The two-time All-Star is due $17.3 million and $18.6 million over the final two seasons of the $102.2 million, seven-year contract owner Mark Cuban gave him in 2001.
``Just what he's meant on and off the court, he's impacted everyone from fans to the front office,'' Nelson said. ``Ultimately, it's our responsibility to do what's in the best interest of the Dallas Mavericks, but Michael has a special place in Mark's heart, my heart, and a special place in the franchise. At the end of the day, this just feels right.''
Finley was traded to Dallas from Phoenix on Dec. 26, 1996, and was the longest-tenured player for the Mavericks. He averaged 19.8 points for the Mavs in 626 games the past 8 1/2 seasons, when they went from being one of the NBA's worst teams to five straight 50-win seasons and playoff appearances.
The Knicks had been expected to release Allan Houston, who played only 20 games last season due to chronic knee soreness. The amnesty provision had even been called the ``Allan Houston Rule'' by some.
But Houston's close ties with Knicks owner James Dolan of Cablevision, along with incoming coach Larry Brown's history of coaching Houston with the 2000 U.S. Olympic team, helped factor into the decision for him to remain on the roster.
New York could also get luxury tax and salary cap relief while also having Houston's $40 salary paid by insurance if his knee injury prevents him from returning.
``I was prepared for (being waived),'' Houston said. ``You have to be. The team has made changes already in preparation for me not being there, and I understand that. But I still believe I can play.''
Among others let go Monday were Fred Hoiberg of Minnesota, Ron Mercer of New Jersey, Calvin Booth of Milwaukee, Troy Bell of Memphis and Clarence Weatherspoon of Houston.
Several teams made moves to clear tax obligations for players who left their rosters long ago. They included Alonzo Mourning (Toronto), Vin Baker (Boston), Derrick Coleman (Detroit), Wesley Person (Miami), Eddie Robinson (Chicago) and Howard Eisley (Phoenix).
Players previously released under the amnesty program included Doug Christie (Orlando), who appears a likely replacement for Finley in Dallas, Aaron McKie (Philadelphia) and Derek Anderson (Portland).
Teams whose payrolls exceed $61.7 million for the upcoming season will have to pay a dollar-for-dollar tax on the overage. Among them are the Indiana Pacers, who waived retired guard Reggie Miller to save $6 million in luxury tax costs.
``In my conversations with Reggie, it is clear he will not play next year,'' Pacers president Donnie Walsh said. ``I've spoken with Reggie, and he is fine with it. This will go down as his final assist.''
August 16, 2005
DALLAS (AP) -- Michael Finley would still be with the Dallas Mavericks if they could have acted with their hearts. Instead, they had to make the right financial decision.
The Mavericks were one of 18 teams to take advantage of a one-time chance to escape luxury tax obligations for any single contract on their books, waiving their captain just before the deadline late Monday night. Dallas owes Finley $51.8 million over the next three seasons.
``This is the hardest part of our business,'' said Donnie Nelson, the Mavs' president of basketball operations. ``We were trying to come up with some creative ways to still have financial freedom and somehow keep Mike. There was no way around the situation. ... There's no question that it's been a very difficult process for the franchise.''
Teams had until Monday to take the amnesty option that was part of six-year collective bargaining agreement agreed to earlier this summer by the league and the players' union.
In all, 18 teams saved more than $212 million in future tax payments by waiving players.
Dallas, by far, reaped the most savings by releasing 10-year veteran Finley. The Los Angeles Lakers saved $29.7 million over the next two seasons by releasing Brian Grant, who was expected to sign Tuesday with Phoenix, and the New York Knicks avoid $23.1 in luxury taxes over three seasons for forward Jerome Williams.
Under terms of the rule, players who were waived will still be paid by their former teams and cannot re-sign with them until their current contracts have expired. They also get whatever money from contracts with new teams.
The Mavericks avoid a dollar-for-dollar tax on Finley's $15.9 million salary for the 2005-06 season. The two-time All-Star is due $17.3 million and $18.6 million over the final two seasons of the $102.2 million, seven-year contract owner Mark Cuban gave him in 2001.
``Just what he's meant on and off the court, he's impacted everyone from fans to the front office,'' Nelson said. ``Ultimately, it's our responsibility to do what's in the best interest of the Dallas Mavericks, but Michael has a special place in Mark's heart, my heart, and a special place in the franchise. At the end of the day, this just feels right.''
Finley was traded to Dallas from Phoenix on Dec. 26, 1996, and was the longest-tenured player for the Mavericks. He averaged 19.8 points for the Mavs in 626 games the past 8 1/2 seasons, when they went from being one of the NBA's worst teams to five straight 50-win seasons and playoff appearances.
The Knicks had been expected to release Allan Houston, who played only 20 games last season due to chronic knee soreness. The amnesty provision had even been called the ``Allan Houston Rule'' by some.
But Houston's close ties with Knicks owner James Dolan of Cablevision, along with incoming coach Larry Brown's history of coaching Houston with the 2000 U.S. Olympic team, helped factor into the decision for him to remain on the roster.
New York could also get luxury tax and salary cap relief while also having Houston's $40 salary paid by insurance if his knee injury prevents him from returning.
``I was prepared for (being waived),'' Houston said. ``You have to be. The team has made changes already in preparation for me not being there, and I understand that. But I still believe I can play.''
Among others let go Monday were Fred Hoiberg of Minnesota, Ron Mercer of New Jersey, Calvin Booth of Milwaukee, Troy Bell of Memphis and Clarence Weatherspoon of Houston.
Several teams made moves to clear tax obligations for players who left their rosters long ago. They included Alonzo Mourning (Toronto), Vin Baker (Boston), Derrick Coleman (Detroit), Wesley Person (Miami), Eddie Robinson (Chicago) and Howard Eisley (Phoenix).
Players previously released under the amnesty program included Doug Christie (Orlando), who appears a likely replacement for Finley in Dallas, Aaron McKie (Philadelphia) and Derek Anderson (Portland).
Teams whose payrolls exceed $61.7 million for the upcoming season will have to pay a dollar-for-dollar tax on the overage. Among them are the Indiana Pacers, who waived retired guard Reggie Miller to save $6 million in luxury tax costs.
``In my conversations with Reggie, it is clear he will not play next year,'' Pacers president Donnie Walsh said. ``I've spoken with Reggie, and he is fine with it. This will go down as his final assist.''