LeBron James' agent, Rich Paul, has informed the Miami Heat that James will exercise his early termination option and become an unrestricted free agent on July 1.
Opting out does not mean that James has decided to leave the Heat, sources said.
James, a four-time NBA MVP, had until June 30 to decide whether to opt out of the final two years of his contract with Miami. He was scheduled to make $20 million next season and had two years and about $42.7 million remaining on his deal.
In his four seasons in Miami, the Heat have gone to the NBA Finals four times, winning two championships. James could join Shaquille O'Neal as the only players in NBA history to lead their teams in total points scored in the NBA Finals and then play for a different team to start the following season, according to Elias Sports Bureau. O'Neal played for the 2003-04 Los Angeles Lakers, who lost to the Detroit Pistons in the NBA Finals, and then was traded to the Heat in the offseason.
The other two Miami stars with early termination options -- Dwyane Wade and Chris Bosh -- have not yet told the Heat or publicly revealed whether they will join James as free agents this summer. Bosh and James both said last week that the three would meet before deciding anything about their respective futures, and it's been widely speculated that they might have to rework their deals to keep the "Big 3" together in Miami.
http://espn.go.com/nba/truehoop/miamiheat/story/_/id/11127329/lebron-james-opt-contract-miami-heat
Opting out does not mean that James has decided to leave the Heat, sources said.
James, a four-time NBA MVP, had until June 30 to decide whether to opt out of the final two years of his contract with Miami. He was scheduled to make $20 million next season and had two years and about $42.7 million remaining on his deal.
In his four seasons in Miami, the Heat have gone to the NBA Finals four times, winning two championships. James could join Shaquille O'Neal as the only players in NBA history to lead their teams in total points scored in the NBA Finals and then play for a different team to start the following season, according to Elias Sports Bureau. O'Neal played for the 2003-04 Los Angeles Lakers, who lost to the Detroit Pistons in the NBA Finals, and then was traded to the Heat in the offseason.
The other two Miami stars with early termination options -- Dwyane Wade and Chris Bosh -- have not yet told the Heat or publicly revealed whether they will join James as free agents this summer. Bosh and James both said last week that the three would meet before deciding anything about their respective futures, and it's been widely speculated that they might have to rework their deals to keep the "Big 3" together in Miami.
http://espn.go.com/nba/truehoop/miamiheat/story/_/id/11127329/lebron-james-opt-contract-miami-heat