Childress signs with Olympiakos

[Laxation]

In a potentially stunning move that reflects the growing challenge Europe’s basketball leagues pose to the NBA, Atlanta Hawks free-agent forward Josh Childress is strongly considering a three-year, $20 million offer from Greek powerhouse Olympiakos, several league sources said Sunday night.

Childress flew to Greece late Sunday and is scheduled to meet with Olympiakos officials on Monday. Childress, 25, is so flustered with the Hawks’ refusal to make a sign-and-trade deal to another team, one source familiar with his thinking believes there’s “better than a 50-50 chance” he’ll sign with Olympiakos.

Atlanta is fucked. Screwing both Josh's... I'd almost hate to be a fan of theirs more than I would be of Phoenix.

[Higherwarrior]

wow. that would really be something. i was reading somewhere else how big a problem the strength of the euro is. (plus the fact they don't pay taxes on those salaries)

they were saying, for example, that a contract of 3 million euro per year, once you do the exchange to $ AND consider the lack of taxing.....it's more like $9 million a year!

[Cross]

i think this is just to stir other teams up in maknig him an offer. no way he bolts to europe

[Laxation]

i think this is just to stir other teams up in maknig him an offer. no way he bolts to europe

If what HW said is true, he would be earning around 20mil a year tax free. That's definitely something to ponder over.

[Glenn]

Europe being a realistic option for free agents (especially restricted) gives the players a lot more leverage to force sign & trades, IMO.

[Kstat]

If what HW said is true, he would be earning around 20mil a year tax free. That's definitely something to ponder over.

it isn't.

3 million Euro is about 4.75 million American. Its stronger but not that much stronger.

[Fool]

Mxy owns.

[DE]

wow. that would really be something. i was reading somewhere else how big a problem the strength of the euro is. (plus the fact they don't pay taxes on those salaries)

they were saying, for example, that a contract of 3 million euro per year, once you do the exchange to $ AND consider the lack of taxing.....it's more like $9 million a year!

I don't know about Greece, but from everything I've ever seen or been told, in Spain, Italy and Germany they pay taxes on that money. It is often that what is negotiated is net and not gross, or at least it is very common to report it as net. But even then they call it net to differentiate what the player is really going to receive versus the actual euro amount the team is paying out.

[Varsity]

it isn't.

3 million Euro is about 4.75 million American. Its stronger but not that much stronger.

4.75 million here is 2.4 million taken home after taxes and it could be even more.

If their 3 mil is not taxed and it's worth 4.75 american, someone here would have to make 8.5 million or so to match what he's making. Also, in Europe, they don't have to pay for transporation or living costs. Money wise, it's a helluva deal. The culture shock on the other hand, can be pretty rough.

[Higherwarrior]

"The NBA had better be careful," Nachbar said. "European teams are offering a lot of money. It's much more, considering there are no taxes