LeBron James Opts Out Of Final Year Contract, To Enter Free Agency On July 1
The move was widely anticipated as simple matter of course. LeBron James has selected to opt out of the $20.6 million player’s option he holds for the coming 2015-16 season and hit the unrestricted market as free agent starting July 1, according to an ESPN report. 4-time winner of the MVP Award of NBA, LeBron James returned to Cleveland Cavaliers last season in one of the biggest free-agent signings in recent NBA history.
James accepted a $42.2 million contract while returning to Cavaliers after a 4-year stint with the Miami Heats. James and his representative negotiated after the end of this season to opt out of the final year contract. Kevin Love did few days back, and James is going to do so within a couple of days.
The All-Star is keen on a new deal, which would fetch him $1.5 million more than his existing player’s option, and a higher starting salary as base for yearly increments in case he signs a multi-year deal. The salary cap of the Cavs is expected to rise to $67.1 million for 2015-16 season. James is banking on more flexibility that opting out affords.
Sources told ESPN’s Chris Broussard that James doesn’t intend to meet other teams as of now. Cavs general manager David Griffin said the team kept regular contacts with the super-star after the end of the NBA finals and James was “very engaged” regarding the discussions of the roster for the coming season.
On Sunday, James and Love were seen swimming freely in a pool at Los Angeles, though the meeting wasn’t about free-agent matters.