Forward Rashard Lewis, recently traded from the Washington Wizards to the New Orleans Hornets, was bought out Saturday, saving the Hornets millions in cap space.
Lewis will automatically become a free agent when it starts on July 1. Players can not signs deal until the 11th. New Orleans traded for Lewis before the NBA Draft, sending Trevor Ariza and Emeka Okafor to the Wizards.
Lewis, a two-time All-Star, signed a six-year, $118 million contract with the Orlando Magic in 2007 and his scoring average has gone down each of the past five seasons. He averaged 7.8 points in 28 games last season.
Hornets, as expected, are waiving Rashard Lewis today to send Lewis to free agency. Buyout costs 'em nearly $14 mil but saves roughly $9 mil—
Marc Stein (@ESPNSteinLine) June 30, 2012