Suns Gain More Cap Relief Through Official Release of Michael Beasley

more+
less-

Suns Gain More Cap Relief Through Official Release of Michael Beasley

by Anthony Caruso on September 6, 2013

The Phoenix Suns will see cap relief with the official release of Michael Beasley, the 2008 No. 2 draft pick, from his contract, ending an era of spotty performance on the court, open disputes with coaches and legal issues.

Following Beasley's arrest on suspicion of marijuana possession in August, the player agreed to a buyout of the last two years of his contract for $2 million less than his guaranteed $9 million. In his one year playing with the Phoenix Suns, Beasley averaged 10.1 points and 3.8 rebounds per game in his first and only season. The move to release him will allow the Suns to receive a bump in salary cap room for the next two seasons.

As a result of the expected release, the Suns' 2013-14 cap number on Beasley was reduced from $6 million to $4.67 million and the final $3 million that will be stretched out over the next three years was lowered to $2.33 million. The Suns utilized the waive-and-spread provision of the collective bargaining agreement to spread the $2.33 million in payment and cap hits over the years to $778,000 annually.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Anthony Caruso, Scarinci Hollenbeck | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×
×