National Basketball Association

Raptors buy out contract of Stojakovic

Published Jan. 20, 2011 12:00 a.m. ET

foxsports

The Toronto Raptors have completed a buyout of Peja Stojakovic's contract, making the former All-star forward a free agent.

Stojakovic was acquired from New Orleans in November and played just two games for the Raptors before being sidelined with a knee injury.

The Raptors had acknowledged after the deal that they would consider a buyout if they were unable to trade him. Stojakovic had been earning $15 million in the final year of a five-year contract.

General manager Bryan Colangelo said in a statement Thursday that Stojakovic did not fit into the team's plan of ''developing our young core talent.'' He expects Stojakovic to help any veteran team that signs him.