Nick Calathes Signs With Panathinaikos

Grizzlies restricted free agent Nick Calathes has signed with Greece’s Panathinaikos, the team announced (Twitter link; translation via Sportando’s Orazio Cauchi on Twitter). Sportando’s Enea Trapani reported the sides had a deal earlier this week, though Calathes denied it. David Pick of reported that he’d commit to the Greek club today if he couldn’t find an NBA deal to his liking. Memphis couldn’t match the offer from Panathinaikos since that right only applies to bids from other NBA teams. The exact terms of the agreement were not released, but Trapani’s initial report pegged Calathes’ deal as being for three years and $7MM.

Memphis had extended Calathes a qualifying offer worth $1,147,276, making him a restricted free agent this offseason. The point guard made 58 appearances for the Grizzlies during the 2014/14 campaign, averaging 4.2 points, 1.8 rebounds, and 2.5 assists in 14.4 minutes per contest. His slash line was .421/.256/.533.

Calathes had been drawing some NBA interest, but he was reportedly hesitant to continue his career as a backup, as Pick noted. The Mavericks had reportedly contacted him, though that was more than two weeks ago, and the addition of Deron Williams likely eliminated any opportunity for Calathes in Dallas.

Chuck Myron contributed to this post.

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