Mike Bibby Agrees to Buyout, Sacrifices $6.2 Million

by February 28, 2011

Mike Bibby must’ve wanted to get out of Washington pretty badly, because he agreed to a buyout that’ll cost him every dollar he was set to make next season. Via The Washington Post: “The Wizards have reached a buyout agreement with point guard Mike Bibby, according to two league sources. Bibby’s agent, David Falk, met with Wizards President Ernie Grunfeld on Monday to get the deal finalized. The terms have not been disclosed, but a person with knowledge of the situation said Bibby sacrificed a ‘substantial’ amount of money for his freedom. Another source said that Bibby surrendered the entire $6.2 million he was due next season. A league source said that Falk is currently looking for a possible destination for Bibby. Portland, Miami, Boston, San Antonio, the Los Angeles Lakers and possibly Denver are believed to have interest in the 32-year-old Bibby, whom the Wizards acquired from Atlanta in a trade involving Kirk Hinrich.”