Memphis announced yesterday (Mon., Nov. 16) that the team has ended its one-year contract with 10-time All-Star and former league MVP Allen Iverson in what it called a mutual agreement after only three games.
Iverson was not placed on waivers by the 5 p.m. deadline yesterday, so he is expected to be waived today, a league source told ESPN.com‘s Chris Sheridan.
Under the agreement, Iverson will receive only a fraction of the $3 million he was scheduled to earn. If he clears waivers, he will become an unrestricted free agent on Wednesday night.
At least one team has confirmed it has interest in Iverson. New York Knicks president of basketball operations Donnie Walsh told the New York Daily News on Monday night that the team will explore the possibility of signing Iverson.
Iverson began an indefinite leave of absence on Nov. 7 to deal with a personal issue after playing only three games with the Grizzlies, all in California.
Few NBA teams had shown interest in the 34-year-old guard before Memphis signed him to a one-year, incentive-laden contract on Sept. 10. Memphis fans greeted the biggest star ever to play for the Grizzlies with a big crowd for his introductory news conference and eagerly bought up his No. 3 jersey, though he wound up never playing a game on the team’s home court.
Immediately, Iverson began talking about his distaste for coming off the bench and being on a rebuilding team filled with youth from Rudy Gay and O.J. Mayo to recent draft picks Hasheem Thabeet and DeMarre Carroll.
Information from Espn.com, The Associated Press and The New York Daily News contributed to this report.