From a statement released Monday afternoon by Grizzlies GM and vice president Chris Wallace: "The Grizzlies and Allen Iverson have come to a mutual agreement that because of personal matters that forced him to leave the team on November 7, Allen will step away from the game at this time, allowing him to focus on those matters. As a result, we will be ending our contractual agreement with Allen, which will allow both parties to move forward. We wish Allen the best."
Tom Ziller: Iverson Still Wants to Play; Will the Knicks Sign Him?
It's unclear if Iverson will receive any money via a buyout or if he simply agreed to end his contract, but one thing is clear: Heisley's gamble on Iverson as a box office draw backfired considerably, especially when you consider Iverson didn't play a single home game before his abrupt departure.
According to Ronald Tillery of the Commercial Appeal, Iverson will placed on waivers within days, which leaves open the possibility that Iverson might latch on elsewhere in the league before the end of the year -- assuming, of course, there are any takers.
He didn't have many suitors before settling on the Grizzlies' modest one-year, $3.1 million offer this summer, and his botched stay in Memphis, it's quite possible he's sulked his way out of the league. You can't completely rule out a comeback -- are the 1-9 Knicks desperate enough to give A.I. an iron-clad guarantee that he'll start over Chris Duhon? -- but there's a good chance that his career is all but officially over.