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Taken from the Contra Costa times:
Hughes can look for team
Warriors aren't expected to tender an offer to the guard, which would make him an unrestricted free agent
By Matt Steinmetz
CONTRA COSTA TIMES
OAKLAND - The Warriors are ready to let guard Larry Hughes walk.
The Warriors are not expected to tender Hughes a qualifying offer by the June 30 deadline, which means he will become an unrestricted free agent July 1. As an unrestricted free agent, Hughes won't have any ties to Golden State and will be free to sign with any NBA team.
As a player entering his fifth season under the league's collective bargaining agreement, Hughes is eligible to receive a qualifying offer from the Warriors -- worth $2.9 million for the 2002-03 season. The Warriors' extending such an offer would make Hughes a restricted free agent, preserving their right to match any offer sheet Hughes might receive from another team.
If Hughes were to sign the Warriors' offer, that $2.9 million salary would be on the Warriors' books for the 2002-03 season, putting them in a precarious position with regard to the league's upcoming luxury tax. Beginning this season, teams will be penalized for exceeding a certain payroll figure -- expected to be between $48 million and $52 million.
The Warriors' payroll -- including a guaranteed contract for their No. 3 selection in next week's NBA draft -- is approximately $46 million for the 2002-03 season. The possible addition of Hughes' $2.9 million would put them in jeopardy. Teams must pay a dollar-for-dollar penalty to the league in the amount they exceed the luxury tax figure.
In February, the Warriors traded Marc Jackson to the Minnesota Timberwolves for Dean Garrett and a future second-round selection in large part because they feared Jackson's salary would put them over the tax mark.
Hughes' agent, Jeffrey Wechsler, declined to comment on his client's situation but confirmed he had not received an offer sheet from the Warriors. A Warriors source indicated the team won't extend a qualifying offer to Hughes unless it makes a move between now and June 30 that trims payroll.
By not extending a qualifying offer to Hughes, the Warriors also would forfeit their ability to sign and trade him. However, such a deal would be difficult anyway because any trade for Hughes likely would have resulted in the Warriors taking back salary in the form of another player, which wouldn't help their payroll situation.
Hughes, who started 56 games for Golden State in 2001-02, was the team's leader in assists (4.3 per game) and its third-leading scorer (12.3 points per game). However, Hughes led the team in turnovers and lost the starting point guard job to rookie Gilbert Arenas in March.
Hughes, 23, was acquired from Philadelphia in February 2000, along with Billy Owens, in a three-team trade that sent John Starks and a first-round pick to Chicago.
Hughes can look for team
Warriors aren't expected to tender an offer to the guard, which would make him an unrestricted free agent
By Matt Steinmetz
CONTRA COSTA TIMES
OAKLAND - The Warriors are ready to let guard Larry Hughes walk.
The Warriors are not expected to tender Hughes a qualifying offer by the June 30 deadline, which means he will become an unrestricted free agent July 1. As an unrestricted free agent, Hughes won't have any ties to Golden State and will be free to sign with any NBA team.
As a player entering his fifth season under the league's collective bargaining agreement, Hughes is eligible to receive a qualifying offer from the Warriors -- worth $2.9 million for the 2002-03 season. The Warriors' extending such an offer would make Hughes a restricted free agent, preserving their right to match any offer sheet Hughes might receive from another team.
If Hughes were to sign the Warriors' offer, that $2.9 million salary would be on the Warriors' books for the 2002-03 season, putting them in a precarious position with regard to the league's upcoming luxury tax. Beginning this season, teams will be penalized for exceeding a certain payroll figure -- expected to be between $48 million and $52 million.
The Warriors' payroll -- including a guaranteed contract for their No. 3 selection in next week's NBA draft -- is approximately $46 million for the 2002-03 season. The possible addition of Hughes' $2.9 million would put them in jeopardy. Teams must pay a dollar-for-dollar penalty to the league in the amount they exceed the luxury tax figure.
In February, the Warriors traded Marc Jackson to the Minnesota Timberwolves for Dean Garrett and a future second-round selection in large part because they feared Jackson's salary would put them over the tax mark.
Hughes' agent, Jeffrey Wechsler, declined to comment on his client's situation but confirmed he had not received an offer sheet from the Warriors. A Warriors source indicated the team won't extend a qualifying offer to Hughes unless it makes a move between now and June 30 that trims payroll.
By not extending a qualifying offer to Hughes, the Warriors also would forfeit their ability to sign and trade him. However, such a deal would be difficult anyway because any trade for Hughes likely would have resulted in the Warriors taking back salary in the form of another player, which wouldn't help their payroll situation.
Hughes, who started 56 games for Golden State in 2001-02, was the team's leader in assists (4.3 per game) and its third-leading scorer (12.3 points per game). However, Hughes led the team in turnovers and lost the starting point guard job to rookie Gilbert Arenas in March.
Hughes, 23, was acquired from Philadelphia in February 2000, along with Billy Owens, in a three-team trade that sent John Starks and a first-round pick to Chicago.
