Trail Blazers waive Steve Francis

PORTLAND, Ore., July 11 (UPI) -- Steve Francis, traded from New York to Portland on the night of the NBA draft, was waived by the Trail Blazers Wednesday.

Portland reportedly bought out the remaining two years of Francis' contract for almost the full worth of the deal. Francis was scheduled to make $34 million over the next two seasons and Portland's buyout was reportedly for $30 million.

"This move will provide us greater financial flexibility," Portland General Manager Kevin Pritchard said.

Francis was sent to Portland with Channing Frye in exchange for Zach Randolph, Dan Dickau and Fred Jones.

Francis will become a free agent if he clears waivers next week.