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djsunyc
Posts: 44929
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Joined: 1/16/2004
Member: #536
6/7/2007  7:40 PM
Heat Receive Compensation For Van Gundy
7th June, 2007 - 7:17 pm
Press Release -

The Miami HEAT announced that former Head Coach and current Consultant to the Head Coach Stan Van Gundy has been released from his contractual obligations in order to become the Head Coach of the Orlando Magic . In return for releasing Van Gundy from his HEAT contract, Miami obtained draft picks and future compensation from the Orlando Magic .

“I’m happy that Stan is back in coaching,” said HEAT President and Head Coach Pat Riley. “It’s where he belongs. Stan has been an incredibly loyal and gifted member of the HEAT family for the last 12 years and we will miss him. I spoke with Stan last evening and I know he wanted to go to Orlando. So, I’m happy that’s where he ended up.”

“Regarding the compensation, the Orlando Magic are getting the best young coach in the NBA,” stated Riley. “As a director competitor in our division, they were going to have to compensate us for that. And they did. Micky and I wish Stan, Kim and their family all the best.”

In exchange for releasing Van Gundy, the HEAT obtained Orlando’s first pick in the second round of the 2007 NBA Draft (39th overall selection). Miami also received the right to exchange first-round picks in the 2008 NBA Draft provided that Orlando’s first-round pick is not among the first 14 selections in the 2008 NBA Draft. If Orlando’s pick is among the first 14 selections or if Miami chooses not to exchange first-round selections in the 2008 NBA Draft, the HEAT will instead receive Orlando’s own second-round pick in the 2008 NBA Draft and future compensation.
AUTOADVERT
s3231
Posts: 23162
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Member: #544
USA
6/7/2007  7:51 PM
Good job Heat. They basically fire the guy and get compensation for him.
"This is a very cautious situation that we're in. You have to be conservative in terms of using your assets and using them wisely. We're building for the future." - Zeke (I guess not protecting a first round pick is being conservative)
TrueBlue
Posts: 29144
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Joined: 9/20/2006
Member: #1172
6/7/2007  7:54 PM
Big mistake by Orlando not Protecting those second round picks for at least 15yrs.
LMFAO @ the Bio [url]http://en.wikipedia.org/wiki/Stephon_Marbury[/url]
OasisBU
Posts: 24138
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Member: #257
USA
6/7/2007  11:08 PM
At least they were smart enough to protect the rd 1 pick (cough Zeke cough)
"If at first you don't succeed, then maybe you just SUCK." Kenny Powers
Solace
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USA
6/7/2007  11:16 PM
You're allowed to protect draft picks? Man, who knew?


"You Bull****tin' me?"
Wishing everyone well. I enjoyed posting here for a while, but as I matured I realized this forum isn't for me. We all evolve. Thanks for the memories everyone.
MaTT4281
Posts: 35352
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USA
6/8/2007  11:25 AM
Posted by Solace:

You're allowed to protect draft picks? Man, who knew?


"You Bull****tin' me?"

I literally laughed out loud on that one. Always awkward when the entire library's starting at you.

I had been under the impression that SVG had been officially let go. Heat swoop in to snatch up anything they can. Good job by them...God I hate Miami.
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