The Knicks and Amar’e Stoudemire have reached a buyout agreement on the remainder of the forward’s 5-Year, $100 Million contract, which makes “STAT” a free agent effective immediately.
Stoudemire signed with the Knicks in the summer of 2010, and got off to an MVP-caliber start in his tenure with the team. But injuries took their toll on Amar’e, and before long, the contract had become an albatross. STAT’s deal was set to expire after this season; this move helps the Knicks save a bit of cash and gives Stoudemire the chance to join a contender.
UPDATE: Stoudemire has committed to join the Mavericks if he clears waivers, which is certain to happen due to his massive salary.