Source: Marbury to earn $1.2M
A source with knowledge of league finances told ESPN.com that Boston used $1.2 million of the $2.4 million it had remaining from the midlevel salary exception. Marbury's salary will not be prorated, meaning he will earn $52,174 for each of Boston's remaining 23 regular season games.
Previous reports in various media outlets stated that Marbury would be playing for a prorated version of the NBA minimum salary, which would amount to less than a half-million dollars.
In actuality, under a deal negotiated by National Basketball Players Association attorney Hal Biagas, Marbury will be making more than double that amount, offsetting part of what Marbury gave back to the Knicks from his $20.8 million New York salary in his buyout earlier this week. Marbury does not have an agent, and Biagas represented him in his dealings with Knicks president Donnie Walsh.
The Miami Heat also were interested in signing Marbury, but the Heat could not compete with Boston's financial offer without going over the luxury tax threshold.
The Celtics still have $1.2 million of their midlevel exception to use this season, and they will have a $1.8 million biannual exception available in the offseason because they did not use it in 2008-09.
Chris Sheridan is an NBA writer for ESPN.com.