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Stephon Marbury and the Knicks reached an agreement today on a buyout settlement during an arbitration hearing over the point guard's $400,000 fine, according to an NBA source.
Marbury was waived hours after meeting with team president Donnie Walsh today at a Midtown law firm.
Marbury left the Times Square offices skipping across the street in glee, posing for a Post photographer before heading off.
Marbury did not comment to a handful of reporters.
"A comprehensive agreement was made this afternoon between the New York Knicks and Stephon Marbury," the Knicks said in a statement. "Under its terms, the grievance has been resolved and the Knicks have requested waivers on Stephon. No additional terms will be disclosed."
Marbury, 32 last Friday, is expected to sign with the Celtics. He told The Post last month he has a verbal commitment from Boston.
Marbury has been banished from the Knicks since Dec. 1, days after refusing Mike D'Antoni's offer to be his starting shooting guard during a meeting in Detroit on Thanksgiving Eve.
Marbury is the last Knick from their last playoff team in 2003-04, but his hometown stint was an abject failure after the initial burst he gave the team after a Jan. 5, 2004 trade from Phoenix.
Marbury will be remembered more for his feuds with Larry Brown, Isiah Thomas and D'Antoni than what he did on the court. Fearful of Marbury's past, D'Antoni came out of preseason and decided he did not want him as part of the program.
D'Antoni turned to Marbury on Thanksgiving Eve after Jamal Crawford got traded and Cuttino Mobley failed his physical and needed to retire.
D'Antoni skipped practice to testify at today's hearing. The Post reported Monday the sides would try to avoid the hearing over Marbury's refusal to play and work out a settlement. Walsh denied the story.
Monday, Walsh said he'd prefer Marbury does not sign with a playoff-bound team. The Knicks could face the Celtics in the first round if Boston is the top seed and the Knicks are the eighth.
"Those are things you have to put in your head when you're thinking about it," Walsh said Monday. "It's all part of the general picture because it could impact on you. It's a competitiveness issue."
Before the hearing, Walsh said, "I won't be contentious. I don't have those kind of feelings in this situation at all. It's more contentious here than anywhere else."
[img]http://www.nypost.com/seven/02242009/photos/steph224.jpg[/img]
A gleeful Stephon Marbury and the Knicks reached a buyout agreement today, and the team could waive the guard as soon as tonight.