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Magic Waive Guard Arenas Using NBA’s Amnesty Clause

(Corrects Arenas’s position in headline.)

Dec. 9 (Bloomberg) -- The Orlando Magic waived three-time All-Star guard Gilbert Arenas under the National Basketball Association’s new amnesty clause, General Manager Otis Smith said today on the team’s website.

Arenas, 29, played 70 games last season with the Washington Wizards and the Magic, averaging 10.8 points and 3.9 assists per game. An All-Star in 2005, 2006 and 2007, he has scored 11,330 points in his 10-year career.

The amnesty clause, included in the league’s new labor agreement, allows every team one opportunity to waive a player without the remainder of his contract counting toward the salary cap or tax threshold. NBA teams were given authority to use the clause as of 2 p.m. New York time today, after the deal was officially signed by both the league and players union.

Arenas will make about $15.3 million this year, the fifth highest salary in the league, according to HoopsHype.com. The Magic will continue to pay Arenas should no team take him off waivers.

In January 2010, Arenas was suspended by the NBA for the remainder of the season after he pleaded guilty to gun charges involving a locker-room showdown with teammate Javaris Crittenton. Arenas kept unlicensed guns in his locker, according to legal documents.

To contact the reporter on this story: Eben Novy-Williams in New York at enovywilliam@bloomberg.net

To contact the editor responsible for this story: Michael Sillup at msillup@bloomberg.net

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