WASHINGTON (Reuters) - Guard Mike Bibby has bought out his contract with the Washington Wizards less than a week after being acquired from the Atlanta Hawks, the Wizards said.
"We agreed to terms with Mike on a buyout of his contract, which gives us increased financial flexibility and opens up more opportunities," Wizards President Ernie Grunfeld said in a statement.
Bibby, who is seeking to join a playoff contender, will be required to give back his 2012 salary of $6.2 million as a part of the buyout, the Washington Post reported (www.washingtonpost.com).
He will receive the remainder of his $5.7 million for this season, the Post said.
Bibby, 32, was acquired by the Wizards on Feb 23 along with guard-forward Maurice Evans, guard Jordan Crawford and a 2011 first round pick. Washington sent guard Kirk Hinrich and center-forward Hilton Armstrong to the Hawks.
Bibby appeared in two games for the Wizards, collecting two points and eight assists.
(Reporting by Gene Cherry in Salvo, North Carolina. Editing by Steve Ginsburg)
