PORTLAND, Ore. (AP) -The Portland Trail Blazers have agreed on a buyout with guard Steve Francis, who was acquired in a draft-night deal with the New York Knicks.
Francis, who was due $34 million over the final two years of his contract, was expected to clear waivers and become an unrestricted free agent.
The terms of the buyout with the Trail Blazers were not released. The deal was confirmed Wednesday by the Washington office of Francis’ longtime agent, Jeff Fried.
The Blazers acquired Francis and Channing Frye from the Knicks in exchange for Zach Randolph, Dan Dickau and Fred Jones on June 28.
Francis averaged a career-low 11.3 points for the Knicks last season.
“This move will provide us greater financial flexibility as we continue to build a successful team for years to come,” Blazers general manager Kevin Pritchard said.
Francis was acquired just before the trade deadline in 2006 with the idea that he would play alongside Stephon Marbury in the backcourt.
But Francis never seemed comfortable under Larry Brown or Isiah Thomas, and left the team last season to rehabilitate an injured knee in Houston, sparking speculation that the Knicks were trying to reach a buyout.
Also on Wednesday, the first day of free agent signings, the Blazers and the Phoenix Suns completed a deal that sent James Jones and the draft rights to Spanish guard Rudy Fernandez to Portland in exchange for $3 million and other considerations. Fernandez was the 24th overall pick in the draft by the Suns.
A trade exception acquired in the deal with the Knicks – which could not become official until that trade was approved by the league – cleared the way for the Blazers to get Jones.
Jones, a four-year veteran, averaged 6.4 points and 2.3 rebounds with the Suns last season. He was originally picked by the Pacers with the 49th selection in the 2003 draft out of Miami.
Fernandez has played the past six seasons in the Spanish ACB League for DVK Joventut Badalona. He averaged 16.1 points, 3.8 rebounds and 2.9 assists in 30 games last season. He also plays for the Spanish National Team.
“We are thrilled to have a long-range shooter and a young man with very high character in James Jones,” Pritchard said. “And Rudy Fernandez is a tremendous prospect who has excelled at the highest levels of international basketball.”
The Blazers, who selected 7-foot center Greg Oden with the No. 1 pick in the draft, had two free agents: forwards Ime Udoka and Travis Outlaw. The team was expected to try to meet offers for Outlaw.
Oden, meanwhile, played in two games for Portland in the NBA’s summer league, before doctors determined that he needed a tonsillectomy, which is scheduled Saturday.
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