Tuesday, February 23, 2010

Olympiakos to renew Teodosic's contract before the end of the season

In Olympiakos they don't want to wait until the summer to renew Teodosic' contract.

Milos Teodosic's star has started shining so brightly that in Olympiakos they don't want to leave things until the last moment. His contract expires this summer and there is also an option for that contract to be renewed  for another 2 seasons. According to basketnet.gr, his current salary is about 500,000 euros but the administration of Olympiakos want to renew his contract for a few more seasons and with a much increased salary that will reflect the player's true value. Olympiakos did pay a hefty amount of money to acquire him from FMP Zeleznik, in effect cutting off their biggest rival Panathinaikos who also wanted in on the Serbian point-guard.

There is also a 2 million dollars buy-out clause in his contract if he wants to go to the NBA which is pretty pointless as NBA teams would not pay more than 500,000 dollars to buy out a player. The article says that Teodosic's contract will be renewed before the end of the season as he is destined to be the leader of the new Olympiakos. Teodosic was the MVP of the Greek Cup final where he scored 22 points collected 4 rebounds and dished 4 assists giving Olympiakos their first title in the last 8 years.

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