Orlando Magic Keeping J.J. Redick

by July 16, 2010

The Magic aren’t losing J.J. to Chicago, as they matched the Bulls’ offer for the sharp-shooter. Reports the Sentinel: “The Orlando Magic will keep J.J. Redick around to make more 3-pointers. Those close to the negotiations told the Sentinel on Thursday that the Magic will match the 3-year, $19-million offer sheet presented to Redick by the Chicago Bulls. The Magic have scheduled a news conference today at RDV Sportsplex to make the announcement. The Magic had indicated ever since the Bulls presented the offer to the restricted free-agent shooting guard that they would likely match. It is believed that Redick received the offer from Chicago last Friday, meaning Orlando had a week to decide whether they would retain him. General Manager Otis Smith had said the franchise needed time to evaluate the luxury-tax implications of Redick’s new contract and other deals that might impact the decision. The Bulls’ contract offer was front-loaded with a first-year salary of roughly $7.5 to $8 million, meaning a tax-hit to the Magic of about $14 million.”