Mr.Bottomtooth
07-08-2010, 09:52 AM
Suns will do sign and trade
Phoenix Suns update:
The Suns will use Amar'e Stoudemire's official departure today to make a pair of sign-and-trade deals with New York and Chicago, netting the Suns a $16.5 million trade exception from the Knicks and using part of that for Hakim Warrick's acquisition, according to Stoudemire's agent, Happy Walters.
Walters said the trade exception the Suns are receiving in return for first signing Stoudemire to his five-year, $99.7 million contract with New York is for $16.5 million, equivalent to Stoudemire's first-year salary. That means the Suns will not be getting a player, like free agent David Lee in return.
The Suns could use the trade exception over the next year to acquire a player of less than or close to the exception's value (about $13.5 million after the Warrick deal is done) without having to send any Suns players in a deal.
It was expected that New York would receive a second-round pick in such an arrangement, as well as about $800,000 in extra salary cap space this year by being able to start Stoudemire's contract at a lower first-year salary. By Phoenix signing Stoudemire before trading him, the contract can have 10.5 percent raises to get to the same $99.7 million total as he would have by signing with New York with eight percent raises.
"We really did care about Robert (Sarver) and Alvin (Gentry) and the team and how we could help any way we could," Walters said. "It doesn't give Amar'e any more money. He actually takes a pay cut in the first year of $800,000. It gives them flexibility and hopefully it helps them in the future."
By doing the Stoudemire sign-and-trade first, the Suns then need to use $4 million of that trade exception to acquire Warrick by having Chicago, where he finished last season, sign him to the contract offer he accepted from the Suns last week. Phoenix would be expected to receive a second-round pick from Chicago, unless the Bulls were looking to move another player to clear more cap space.
If only Warrick is involved, the Suns would have a $13.5 million trade exception for the next year.
http://www.azcentral.com/members/Blog/PaulCoro/88449
Phoenix Suns update:
The Suns will use Amar'e Stoudemire's official departure today to make a pair of sign-and-trade deals with New York and Chicago, netting the Suns a $16.5 million trade exception from the Knicks and using part of that for Hakim Warrick's acquisition, according to Stoudemire's agent, Happy Walters.
Walters said the trade exception the Suns are receiving in return for first signing Stoudemire to his five-year, $99.7 million contract with New York is for $16.5 million, equivalent to Stoudemire's first-year salary. That means the Suns will not be getting a player, like free agent David Lee in return.
The Suns could use the trade exception over the next year to acquire a player of less than or close to the exception's value (about $13.5 million after the Warrick deal is done) without having to send any Suns players in a deal.
It was expected that New York would receive a second-round pick in such an arrangement, as well as about $800,000 in extra salary cap space this year by being able to start Stoudemire's contract at a lower first-year salary. By Phoenix signing Stoudemire before trading him, the contract can have 10.5 percent raises to get to the same $99.7 million total as he would have by signing with New York with eight percent raises.
"We really did care about Robert (Sarver) and Alvin (Gentry) and the team and how we could help any way we could," Walters said. "It doesn't give Amar'e any more money. He actually takes a pay cut in the first year of $800,000. It gives them flexibility and hopefully it helps them in the future."
By doing the Stoudemire sign-and-trade first, the Suns then need to use $4 million of that trade exception to acquire Warrick by having Chicago, where he finished last season, sign him to the contract offer he accepted from the Suns last week. Phoenix would be expected to receive a second-round pick from Chicago, unless the Bulls were looking to move another player to clear more cap space.
If only Warrick is involved, the Suns would have a $13.5 million trade exception for the next year.
http://www.azcentral.com/members/Blog/PaulCoro/88449