Stephon Marbury set to leave the Knicks, and join the Celtics

Tuesday, February 24, 2009

Source: Espn.com

The New York Knicks and Stephon Marbury were nearing a buyout agreement Tuesday afternoon that would clear the way for Marbury to sign with the Boston Celtics, according to sources close to the situation.

Sources briefed on the state of the talks told ESPN.com that the Knicks and Marbury are on the verge of finalizing a separation package that will make Marbury eligible to play in the playoffs for another team because his release from New York would come before the league's Sunday deadline.

The New York Times first reported on its Web site Tuesday afternoon that "all indications were that the two sides had reached agreement on a contract buyout that will free [Marbury] to join another franchise for the stretch run."

Said one source to ESPN.com: "Look for Steph to get bought out today."

Another source close to the process indicated that Marbury and the Celtics have already commenced discussions on a contract.

It's believed that Marbury will be forfeiting in excess of $2 million from his $20.8 million salary this season, which would net the Knicks twice that much because of the luxury-tax savings involved.

Marbury would then be in position to recoup roughly half of what he's surrendering in his buyout from the Celtics. As ESPN.com reported Jan. 1, Boston has been hoping to sign the wayward point guard to bolster its thin bench if Marbury -- who turned 32 last week -- could manage to extricate himself from the Knicks

Marbury hasn't played in an NBA regular-season game since Jan. 11 of last season, but the Celtics have been concerned about their depth all season after the offseason departures of James Posey and P.J. Brown. Boston has since lost star forward Kevin Garnett to a knee injury for the next two to three weeks and reserve swingman Tony Allen to a thumb injury expected to sideline him for eight weeks.

Earlier Tuesday, Boston signed center Mikki Moore, who was waived by Sacramento after last Thursday's trading deadline. The Celtics opened two roster spots last week by trading away veteran guard Sam Cassell and little-used center Patrick O'Bryant.

Last week, ESPN's Stephen A. Smith reported that multiple Celtics players had recently reached out to Marbury, urging him to forfeit some salary in his long-contentious negotiations with the Knicks to prove to skeptics that he could make an impact with a championship-caliber team.