Chris Webber Buyout Almost Complete

Chris Webber Buyout Almost Complete
January 10, 2007, 6:22 am
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For those curious how a buyout works, basically the Sixers would give Webber a portion of the money owed to him and save a couple million dollars over the next two seasons.  All of Webber's contract will still count against the Sixers salary cap.  According to many sources the deal is all but finalized.  Hoopsworld:

According to reports, Webber will be cashed out on his remain $38
million, for roughly $33 million – the exact terms of the deal are not
clear at this point, but it seems the deal will get league approval in
the coming days, and Webber would be waived by the 76ers.

After clearing waiver, Webber would be free to sign with any team he
chooses, and word is the Knicks and Lakers have interest in Webber’s
services.

>>Webber Buyout Done? [Hoopsworld]

UPDATE: Deal is done.

The source said that Webber, who will become a free agent, would give
back less than $5 million in the deal. In his 14th NBA season, Webber
is listed on the team's salary cap at $20,718,750 this season and is
due $22,312,500 next season.

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