Truth & Rumors > NBA

Knicks close to Marbury buyout

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06:54 AM ET 09.23 | The Knicks are planning to waive and then buy out Stephon Marbury in the next few days, according to people with knowledge of the situation. Several persons with knowledge of the situation have indicated that the Knicks are planning to part ways with Marbury by the end of the week. One caveat is the approval of Madison Square Garden chairman James Dolan, who must sign off on yet another multimillion-dollar payoff for his NBA team. Marbury is in the final year of his contract, which is to pay him $21.9 million. The Knicks will likely place Marbury on waivers and, once he clears, begin negotiating a buyout. Marbury will then be free to sign with another team; the Miami Heat have a desperate need at point guard.

New York Newsday

Stephon Marbury, Chris McGrath/Getty Images Stephon Marbury, Chris McGrath/Getty Images

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