MINNEAPOLIS (AP) — Timberwolves president David Kahn says Spanish point guard Ricky Rubio has backed out of a deal to play in Minnesota this season.
Kahn says the Wolves negotiated a deal on Saturday night with Rubio's Spanish pro team and agent Dan Fegan to bring the 18-year-old to Minnesota this fall.
But Rubio informed Kahn on Monday night that he would prefer to stay in his homeland for two more years to better prepare himself for the NBA. Kahn says DKV Joventut has agreed to trade Rubio to Regal FC Barcelona, where he will play until 2011.
The Timberwolves selected Rubio with the fifth pick in the June draft. Kahn was aware that Rubio was under contract with DKV Joventut for the next two years and said he would be fine waiting for a season, or even two, before the prodigy comes to Minnesota.
But Kahn made three trips to Spain, including last weekend, in hopes of negotiating down an $8 million buyout that would allow Rubio to join the Timberwolves this season, bringing some excitement and pizazz to a team, and a ticket box office, that sorely needs both right now.
NBA rules limit the Timberwolves to contributing just $500,000 toward the buyout, meaning Rubio was on the hook for the remaining $7.5 million.
Yet just as the team appeared to be putting the finishing touches on a deal to bring Rubio to the NBA, Rubio came to Kahn with second thoughts.
"This morning I met with Ricky and his parents and told them that I understood Ricky's decision," Kahn said in a statement. "It was clear to me yesterday and in this morning's meeting that the pressure surrounding Ricky and his family to remain in Spain for at least two more years had only intensified as the summer wore on and was weighing heavily on them."
Shortly after Rubio was drafted, there was talk that he and his agent preferred him to play in a larger market to better take advantage of endorsement opportunities that would help offset the costs of the buyout.
In a statement issued by the Timberwolves, Rubio said he has every intention of coming to Minnesota in two years.
"The reason leading me to take this next step is to have a period of preparation to better take the challenge of the NBA in better conditions as a player," Rubio said. "The Minnesota Timberwolves continue to be my first option and I wish to play with them in the near future."
Regal FC Barcelona reportedly agreed to a $5.3 million buyout of Rubio's contract that will require him to stay in Spain for two seasons. After the 2010-11 season, Rubio will be able to leave for the NBA without having to pay a financial price tag.
The Timberwolves will hold Rubio's NBA rights as long as he is playing professionally. They also have rookie point guard Jonny Flynn, who was drafted No. 6 overall right behind Rubio, to take over while Rubio is in Spain.
Despite the last-minute change of heart, Kahn said he understood the decision.
"I also agreed with Ricky's position that two more years of competition in Spain and the Euroleague will only aid his development and that he will be much more ready for the NBA when he joins us," Kahn said.
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