Veteran point guard Reggie Jackson, who was officially waived by the Hornets on Tuesday, reached a buyout agreement that facilitated his departure, according to league sources cited by Michael Scotto of HoopsHype. Jackson agreed to forgo $3.3 million as part of the buyout.
Hoops Rumors has confirmed that Jackson relinquished precisely $3,303,771. This amount will be covered by the Sixers once Jackson clears waivers and signs a new minimum-salary deal with Philadelphia.
This move reduces the Hornets’ dead money liability from $5,250,000 to $1,946,229, providing the team with additional financial flexibility. While Charlotte is currently over the salary cap, it has roughly $16 million of leeway below the luxury tax threshold.
Jackson will ultimately receive the same $5.25 million salary he would have earned under his previous contract. He will be paid $1,946,229 by the Hornets and $3,303,771 by the Sixers, and he gains the chance to compete with a team closer to championship contention. Jackson was traded from Denver to Charlotte earlier this offseason.
Jackson’s buyout marks the second instance of a veteran point guard relinquishing money in a buyout agreement recently, following Russell Westbrook’s $1.7 million reduction when waived by the Jazz. Additionally, Raptors forward Sasha Vezenkov was bought out this week, having given up his entire $6.66 million salary to exit his NBA contract and return to Greece.
