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The New York Knicks and Stephon Marbury reached a buyout agreement Tuesday afternoon that clears the way for Marbury to sign with the Boston Celtics.
"A comprehensive agreement was made this afternoon between the New York Knicks and Stephon Marbury," the Knicks said in a statement. "Under its terms, the grievance has been resolved and the Knicks have requested waivers on Stephon. No additional terms will be disclosed."
Marbury is now eligible to play in the playoffs for another team because his release from New York comes before the league's Sunday deadline.
The New York Times first reported on its Web site Tuesday afternoon that "all indications were that the two sides had reached agreement on a contract buyout that will free [Marbury] to join another franchise for the stretch run."
There were immediate indications that Marbury will end up in Boston, as has long been anticipated, although he first must clear waivers. That will likely happen Friday if Marbury's release is made official Wednesday.
Regarding the likelihood of Marbury signing with Boston as early as Friday, one source close to the process told ESPN.com: "That's what [the Celtics] hope. Marbury has expressed interest in them and they have expressed interest in him."