Atlanta Journal Constitution
http://www.ajc.com/blogs/content/shared-blogs/ajc/hawks/entries/2008/07/23/childress_leave.html?cxntfid=blogs_hawks
They also have this story (wonder why a major news outlet has not picked up on this?):
Childress leaving Hawks to join Greek franchise
Restricted free agent confirms signing with Olympiakos of Greece
By SEKOU SMITH
The Atlanta Journal-Constitution
Published on: 07/23/08
Atlanta Hawks fans won't have to fret over the fate of restricted free agent swingman Josh Childress anymore.
That's because Childress is no longer a Hawk. He said he agreed to terms Wednesday morning on a three-year contract with Olympiakos of Greece that is worth far more than $20 million initially reported.
"It's official, I just signed," Childress said by phone Wednesday morning from Athens, where he and agent Jim Tanner will be until Friday. "I think it was . . . a situation where I didn't know who to expect coming in, coming over to Athens. But it's a great city and a great organization. They do whatever they can to make you feel at home."
The deal is the most lucrative current contract in European basketball and the biggest in Euroleague history. It's also another step in the globalization of the game, a trend that got a huge boost recently when the top-rated U.S. high school player, California native Brandon Jennings, opted for a contract with an Italian team over playing at Arizona.
Childress' move is a blow to the Hawks, who have no recourse to match an offer made to a restricted free agent by a non-NBA team. The Hawks are also in negotiations with their other restricted free agent, Josh Smith.
The Hawks retain Childress's NBA rights for at least two years, but they lose one of the league's best and most efficient sixth men without immediate compensation. The Hawks, per the rules of restricted free agency, had the right to match any competing offers from NBA teams.
Childress representatives and Hawks officials negotiated for weeks on a contract extension but could never come close to agreeing to terms. The Hawks offered Childress a five-year deal with a starting salary in excess of the mid-level exception of $5.5 million.
But Childress, 25, spurned the Hawks' $33 million offer for a more lucrative deal with Olympiakos.
With no salary cap for European teams, Olympiakos could offer whatever they wanted to entice Childress to leave the NBA for the international game. Childress will, however, have the option of opting out his contract with Olympiakos at the end of each season, which gives Childress maximum flexibility were he to choose to return to the NBA after this season.
Childress's playing time dipped last season by seven minutes, from 36.9 to 29.9 a night, from the previous season. He averaged 11.8 points on 57 percent shooting.
He was one of just six players in the league to average at least 10 points and 4 rebounds while also shooting better than 50 percent (.571) from the floor and making 20 or more 3-pointers. Shawn Marion, Lamar Odom, Mike Miller, Grant Hill and Andre Kirilenko were the others.
In four years with the Hawks, Childress averaged 11.1 points, 5.6 rebounds and 1.8 assists as one of the league's best sixth men, he finished sixth in the voting for the Sixth Man award last season.
Chosen by the Hawks with the sixth pick of the 2004 NBA draft, Childress was one of the cornerstone's of a rebuilding effort that also included Smith, picked 17th in that same draft.
They both helped the Hawks end nearly a decade of struggles with the franchise's first postseason bid in nine years, which ended in a Game 7 loss to the eventual NBA champion Boston Celtics in May.
