According to the Atlanta Journal-Constitution, Josh Childress could be heading back to the Atlanta Hawks and the NBA this off season. Childress is in the middle of a three year deal with Olympiakos in Greek that is currently worth $20 million, with an opt out clause that expires July 15th. Olympiakos most likely wouldn’t mind if he left.
Yea, Childress helped bring the Greek Cup to the organization but thanks to some new tax laws in the country he’s become a little too expensive for them. See his $20 million contract is AFTER taxes, which means his cost to the team is that much more. Under the current tax laws his contract is actually $32.5 million but when the new laws go into effect that number will sky rocket.
The new tax laws in Greece will double the tax rate of basketball players. I’m not quite sure why the country is singling them out, other then the insane amount of money that is paid to international players to come to the country. So you can see why the Olympiakos management would love it if he opts out. I wouldn’t be surprised if they gave him some sort of buy out to to do so.
The decision maker for Childress won’t be any tax laws but if he could find a solid job in the NBA. In the AJC article they report that Atlanta Hawks general manager Rick Sund is going to extend a $4.8 million qualifying offer to make sure the team retains his rights.
The moves makes sense for the Hawks. If Childress decides he wants to come home but not play for the Hawks they can use him as trade bait in a very talent rich trade market.
Childress’ stock has gone up with his international experience so he should be able to get some team to offer a contract worth more then the qualifying offer AND be willing to trade with the Hawks for him.
The real question is how much does Childress value himself? Last year he did turn down a $5.5 million offer from the Milwaukee Bucks as he’s due to make $6.5 million in Greece.
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