The Atlanta Journal-Constitution
Published on: 07/23/08
Sorting through the difference between Euros and dollars was crucial for Josh Childress and his representatives as they weighed an offer from a Greek team (Olympiakos) paying with Euros and an NBA team (Hawks) paying with dollars.
Either way you slice it Olympiakos was offering more, including an annual salary nearly twice the value of the Hawks' offer annually:
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— Olympiakos offered three years and $32.5 million, which after taxes paid by the club becomes a net of salary of about $6.7 million a year for Childress.
— The Hawks offered five years and $33 million, which after taxes paid by Childress becomes a net salary of about $3.4 million per year for Childress.
— In addition to the double-stuffed salary Olympiakos also pays for all of Childress' living expenses, including luxury accommodations, a car and driver and maid service.
— Childress also has an annual opt-out clause in the contract that will allow him to weigh his NBA options, as a restricted free agent provided the Hawks tender a qualifying offer to him, every summer.
— There is no buyout clause in the contract, meaning Childress won't have to negotiate a compensation package for Olympiakos if he were to return to the NBA before the end of the three year deal.
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