Damon Stoudamire To Get Buyout From Grizzlies

Memphis Grizzlies have reached a tentative contract buyout agreement with Damon Stoudamire. It is scheduled to become official on Jan. 28. After being released, Stoudamire would have to clear a 48-hour waiver period before getting the opportunity to choose his new team. He is expected to go unclaimed.

A number of teams, such as the Boston Celtics and Phoenix Suns, have indicated interest in the point guard, with the former looked at as the favorite to sign him. This is due to the fact that the team has very little depth at the lead guard position behind the inexperienced Rajon Rondo. Phoenix wants to get a guard to lessen the load on Steve Nash. Reportedly, the Denver Nuggets are also in the picture, as are his former team, the Toronto Raptors.

After starting the season as a starter, Stoudamire hasn't played since Dec. 30. He's making $4.35 million this year and was scheduled to make marginally more in the next season.

It's believed that the Grizzlies were asking Stoudemire to give up a large portion of next season's guaranteed $2.3 million in order to secure his release. Although they initially resisting the request for a buyout, the team relented when trade offers were decidedly underwhelming.

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