Veteran point guard Reggie Jackson, who was officially waived by the Hornets on Tuesday, reached a buyout agreement with the team that created the path for his exit, league sources tell Michael Scotto of HoopsHype. According to Scotto, Jackson gave up $3.3M as part of the buyout.
Hoops Rumors has confirmed that Jackson surrendered exactly $3,303,771, which is the amount the 34-year-old will earn with the Sixers once he clears waivers and signs a new minimum-salary contract with Philadelphia. The move reduces the amount of dead money on the Hornets’ books from $5,250,000 to $1,946,229, creating a little extra financial flexibility for the club. Charlotte is over the cap but has plenty of breathing room (approximately $16M) below the luxury tax line.
As for Jackson, he’ll ultimately earn the same $5.25M salary that he would’ve if he’d remained on his previous contract. He’ll be paid $1,946,229 by the Hornets and $3,303,771 by the Sixers — plus, he’ll now have the opportunity to play for a team much closer to title contention.
He was traded from Denver to Charlotte earlier in the offseason. Jackson is the second veteran point guard to give up money in a buyout agreement in recent days, joining Russell Westbrook, who surrendered $1.7M when he was waived by the Jazz.
Raptors forward Sasha Vezenkov was also bought out this week, having given up his entire $6.66M salary to get out of his NBA contract in order to return to Greece. This article first appeared on Hoops Rumors and was syndicated with permission.
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