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Michael Beasley officially bought out by Suns

Michael Beasley has been officially released by the Phoenix Suns as of Tuesday. Shortly after ESPN’s Marc Stein confirmed the news would be made official by the end of the week, the Suns released a statement on their website.

“The Suns were devoted to Michael Beasley’s success in Phoenix,” said Suns President of Basketball Operations Lon Babby. “However, it is essential that we demand the highest standards of personal and professional conduct as we develop a championship culture. Today’s action reflects our commitment to those standards. The timing and nature of this, and all of our transactions, are based on the judgment of our Basketball leadership as to how best to achieve our singular goal of rebuilding an elite team.”

“We have high standards for all of our players,” said Suns General Manager Ryan McDonough. “We expect them to represent the team and the community in a positive manner both on and off the court.”

KTAR’s John Gambadoro reports that the Suns have bought out Beasley for $7 million. The agreement will pay Beasley $4.66 million this year and $2.33 million over the next three seasons. Per his original contract, Beasley was owed $6 million this season and $3 million — or half — of his final annual contract was guaranteed.

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