Knicks reach buyout deal with Marbury

NEW YORK, Feb. 24 (UPI) -- The New York Knicks and Stephon Marbury reached agreement Tuesday on a buyout that has the team requesting waivers on the 12-year veteran.

The Knicks and Marbury released a joint statement following a scheduled arbitration hearing to discuss the veteran's grievance against the team after he was levied a $400,000 fine. Marbury reportedly refused Coach Mike D'Antoni's request to play in a Nov. 12 road game against Detroit.

The New York Times reported the grievance hearing turned to buyout negotiations. Marbury was asked to drop the grievance and give up close to $2 million in order to be released.

If he was waived after March 1, Marbury wouldn't be eligible to play for a different team in the playoffs.

Marbury averaged 13.9 points and 4.7 assists per game last season. A two-time NBA All-Star, he averaged 19.7 points and 7.8 assists in 823 games over his career with Minnesota, New Jersey, Phoenix and New York.