FEBRUARY 11: Lowry’s buyout is now official and he has been waived, the Hornets have announced (Twitter link). He’ll become a free agent on Tuesday and will be able to sign with Philadelphia at that time.
FEBRUARY 10: Kyle Lowry has reached a buyout agreement with the Hornets, agent Mark Bartelstein of Priority Sports tells ESPN’s Adrian Wojnarowski (Twitter link). Lowry intends to sign with the Sixers once he clears waivers, Wojnarowski adds.
It will be a homecoming for Lowry, who grew up in Philadelphia and played at Villanova, Wojnarowski states (Twitter link). The move will also reunite Lowry with Nick Nurse, his long-time coach in Toronto.
A video announcing Lowry’s decision was posted on Twitter by Priority Sports.
The Sixers will pay Lowry $2.8MM for the rest of the season, Bartelstein tells Woj (Twitter link). The team is $4.9MM below the tax threshold and has nearly $10MM of its non-taxpayer mid-level exception remaining, tweets Bobby Marks of ESPN. He adds that Lowry was still owed about $10.61MM left of his $29.7MM salary for 2023/24 before the buyout.
In a full story on Lowry’s decision, Wojnarowski identifies the Bulls and Pelicans as other teams that had interest in signing Lowry after a buyout.
Lowry had been expected to pursue a buyout in Charlotte ever since Miami sent him there in a January 23 trade involving Terry Rozier. Lowry never played for the Hornets, and he will have been off for more than a month if he doesn’t suit up for the Sixers before the All-Star break.
The 37-year-old point guard started 35 of the 37 games he appeared in with the Heat this season, but his playing time dropped to its lowest level in more than a decade and his numbers were down across the board. Lowry was averaging 8.2 points, 3.5 rebounds and 4.0 assists in 28 minutes per night.
He will bring a veteran presence with plenty of playoff experience to the Sixers, who have been reeling since Joel Embiid was lost with a knee injury. Philadelphia only has 12 players on its 15-man roster in the wake of the trade deadline, so a corresponding move won’t be necessary to add Lowry. His departure leaves Charlotte with one roster opening.