Hawks trade 2nd round pick for cash

[insidehoops]

The Atlanta Journal Constitution reports:

The Hawks, as expected, didn’t make any major trades by today’s 3 p.m. deadline. Instead, they sent a second-round pick to Golden State for cash to help offset their first-ever luxury-tax bill that will be due at season’s end.

Under CBA rules, picks can be sold for up to $3 million but the Hawks will receive much less for their pick since first-round picks routinely sold for $3 million under the old CBA. In addition, under the new CBA there is an annual cap of $3 million on cash involved in trades, further driving down the price of picks.

The Hawks owned two second-round picks after acquiring one from the Suns in the Josh Childress sign-and-trade last summer. The Warriors will receive the lesser of the two picks and, since the Suns likely will finish with a worse record than the Hawks, Atlanta probably will keep that pick.

[CLTHornets4eva]

Pretty typical move by the worst ownership group in the league.