When the Heat traded Dexter Pittman to the Grizzlies at last season's trade deadline, Miami acquired the rights to 2005 second-rounder Ricky Sanchez as part of the swap. However, the Heat no longer hold Sanchez's NBA rights, having signed him on September 16th and released him this past Friday, according to Ira Winderman of the South Florida Sun Sentinel (via Twitter).
While the Heat presumably would have preferred to stash Sanchez overseas, the Puerto Rican big man was a free agent this summer. So when Miami issued the required tender to retain Sanchez's rights, he signed that offer, forcing the team's hand, as Winderman explains (via Twitter). Because the club wasn't interested in bringing him to camp, he was subsequently waived, meaning he's now free to sign with any team, NBA or otherwise.
Sanchez, 26, played for Cangrejeros de Santurce in Puerto Rico last season, averaging 11.1 PPG and 4.6 RPG in 42 contests.