ATLANTA, GA - MAY 21: A sign displayed outside Philips Arena shows a hockey fan's displeasure in the Atlanta Spirit Group, who owns the Atlanta Thrashers, as fans hold a rally to keep the team in Atlanta at Philips Arena on May 21, 2011 in Atlanta, Georgia. It has been reported the Thrashers may relocate to Winnipeg, Canada. (Photo by Kevin C. Cox/Getty Images)
In other words, Atlanta sold its 2012 second round draft pick to help offset the first ever luxury tax payment for the team. The good news is the pick going to Golden State will be which ever one is the lesser of Atlanta's own pick and the Phoenix Suns pick. Here is the full release:
The Atlanta Hawks today traded a 2012 second-round pick to the Golden State Warriors in exchange for cash considerations, according to Executive Vice President/General Manager Rick Sund. The pick conveyed will be the lesser of Atlanta's own second-round pick and Phoenix's second-round selection.
The moving of this draft-pick appears to be tied to the fact that the Atlanta Hawks will now have a luxury tax bill for the first time in franchise history. The Hawks are slightly above the tax line and since everyone's contracts are guaranteed will not be able to get under the threshold.
The exact amount received in the trade is not disclosed but it would be much less than the $3 million dollar cap that is on cash involved in trades in the new CBA according to Michael Cunningham's post deadline blog. We were surprised when the Hawks chose to sign Erick Dampier for the remainder of the season but now understand that they probably knew they could sell a draft pick to help offset the tax bill.