|
Post by Los Angeles Clippers on Apr 12, 2010 17:56:26 GMT -5
The Los Angeles Clippers will buy out the remainder of Stromile Swift's contract. Terms and details below.
Stromile Swift's current contract & Buyout amounts
Year 1: $3,000,000 x 100% = $3,000,000 Year 2: $3,500,000 x 50% = $1,750,000 Year 3: $4,000,000 x 25% = $1,000,000 Year 4: $4,500,000 x 25% = $1,125,000
Total Buyout amount = $6,875,000 - Current Year ($3 mil) = $3,875,000 more in cap space needed to buy out Stromile.
Current Salary - $60,988,657 Salary Cap - $70,000,000 Cap Space Prior to Buyout - $9,011,343 Cap Space After Buyout - $5,136,343
Thank you for your time starting with us last year Stromile, but the addition of Bogut and the emergence of Robin Lopez and Spencer Hawes give you no place on this team any longer. We also need your roster spot to add Stephen Curry and Wilson Chandler.
Good luck out there.
|
|