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News » Grizzlies cash in on room to wheel and deal relief


Grizzlies cash in on room to wheel and deal relief


Grizzlies cash in on room to wheel and deal relief
EAST RUTHERFORD, N.J. - How do NBA teams spell luxury tax relief these days?

M-E-M-P-H-I-S.

For the second time in the past month the Grizzlies consummated a trade in which they helped a team move farther away from the league's dollar-for-dollar penalty for exceeding the luxury tax threshold.

In return, the Griz again gave up little to nothing and received cash considerations.

That was basically the crux of a deal late Wednesday afternoon when the Griz traded a conditional 2012 second-round draft pick to the Miami Heat for guard Shaun Livingston and an undisclosed amount of cash.

Memphis pulled off a similar transaction Dec. 24 when it sent a conditional 2011 second-round pick to Houston for veteran guard Steve Francis, a 2009 second-round pick and $3 million.

The Miami deal had nothing to do with the draft pick or Livingston because the Griz immediately waived the former fourth overall pick from 2004. The 2012 pick to Miami just like the 2011 selection that went to Houston is protected through 55.

Memphis would have to finish with one of the five worst records in 2011-12 for Miami to receive the pick. Plus, the Griz received a little more than Livingston's league-minimum salary ($370,000) to complete the deal.

"We did that deal for financial reasons," Griz general manger Chris Wallace said. "We made a little money off it."

The Griz still are $7.7 million under the salary cap for this season.

Wallace, a former scouting director for the Heat, also helped out old friends. The Heat cleared roughly $400,000 under the luxury-tax threshold with the move that could lead to a return by veteran center Alonzo Mourning.

Following the Memphis-Houston deal, the Rockets re-signed center Dikembe Mutombo.

Reportedly, Miami also picked up an $850,000 salary-cap exception it can use in a trade for a player for one calendar year.

Livingston appeared in four games for the Heat after signing as a free agent in the offseason. He averaged 2.3 points and 10.3 minutes. The 6-foot-7 point guard had his career derailed by a horrific knee injury, tearing three ligaments and dislocating his kneecap.

He sat out the entire 2007-08 season.


Author: Fox Sports
Author's Website: http://www.foxsports.com
Added: January 9, 2009

 

 
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