Timberwolves Release Guard Fred Hoiberg

August 15, 2005
Minneapolis/St. Paul - The Minnesota Timberwolves today announced that guard Fred Hoiberg has been released as the designated player for the amnesty provision under the NBA's new Collective Bargaining Agreement.

"Obviously, this was a tough decision," said Timberwolves Vice President of Basketball Operations Kevin McHale. "With the uncertainly of the timing of Fred's recovery, we think this was in the best interest of both parties. Fred now has the opportunity to focus completely on his return to the court without any added pressure, and we as a franchise have improved flexibility under the salary cap to add someone who can immediately help us this season. Fred is a class act and a true professional both on and off the court."

In his second season with the Timberwolves in 2004-05, Hoiberg posted averages of 5.8 points (.489 FG%), 2.4 rebounds, 1.1 assists and 16.7 minutes per game in 76 contests. Hoiberg led the NBA and set a new club record in three-point field goal percentage with 48.3% (70-for-145) from beyond the arc. In 10 NBA seasons with the Wolves, Chicago and Indiana, Hoiberg has tallied 5.4 ppg (.431 FG%, .854 FT%, .396 3FG%), 2.7 rpg, 1.6 apg and 18.4 mpg in 541 games (61 started). Originally signed as a free agent by Minnesota on July 28, 2003, Hoiberg re-signed with the Wolves on July 23, 2004. He underwent successful heart surgery on June 28, 2005 to correct an enlarged aortic root.

The amnesty provision allows a team to release a player and remove his contract amount from the team's salary cap for purposes of calculating the luxury tax. The Timberwolves will be responsible for the remaining year of Hoiberg's contract, and he is eligible to sign with another team.