NEW YORK, Oct. 25 -- The National Basketball Association today announced that Commissioner David Stern has taken the following actions based upon an arbitrator's ruling on Monday that the Minnesota Timberwolves, Joe Smith, and agent Eric Fleisher entered into a secret agreement in violation of the NBA's salary cap rules:
Smith
Smith
  • directed the forfeiture of Minnesota's own first-round draft picks in the 2001, 2002, 2003, 2004 and 2005 NBA Drafts;


  • fined the team $3.5 million; and


  • voided the player contract between Smith and the Timberwolves for the 2000-01 season, along with all contracts previously entered into by Smith and the team.
In addition to these penalties, the Collective Bargaining Agreement also authorizes the Commissioner to suspend team personnel who were involved in the making of the secret agreement. Those suspensions will be determined after subsequent proceedings before the arbitrator.

The NBA has also requested that, as required by the CBA, the Players Association impose appropriate discipline on Mr. Fleisher for his violation of the salary cap rules.