Raptors’ Buyout of Camby Saved $2 Mil
Last week, the Toronto Raptors said goodbye to Marcus Camby after briefly re-acquiring the veteran center from the New York Knicks on July 10 as part of the Andrea Bargnani trade.
Camby arrived with two years remaining on his deal at $4.4 million and $4.2 million, and the second season was partially guaranteed at just over $1 million — leaving a total of $5.4 million in guaranteed salary.
The buyout for Camby will knock off $2 million, paying him a total of $3.4 million. The Raptors are taking a cap hit of $2.8 million for the coming season and $646,000 for the 2014-15 season.
As part of the multi-player deal with Camby, Quentin Richardson arrived from New York via sign-and-trade, which triggered in a hard cap for the Raptors this season at $75.8 million.
The Camby buy-out, in addition to the team’s recent amnesty of Linas Kleiza ($4.6 million), has given Toronto plenty of breathing room under the hard cap with a total payroll of $69.1 million with 14 players.
Now the Raptors are under the tax threshold of $71.8 million by approximately $2.7 million.