Former Heat guard Kyle Lowry signs with 76ers after buyout from Hornets

Kyle Lowry reached a buyout agreement with the Charlotte Hornets and plans to sign with the Philadelphia 76ers.

Three weeks after being traded by the Miami Heat, Kyle Lowry has reached a buyout agreement with the Charlotte Hornets and plans to sign with the Philadelphia 76ers. Lowry's agent posted a video on social media confirming the veteran point guard's move to his hometown team, as Lowry played collegiately at Villanova in Philadelphia.

The Heat traded Lowry and a first-round pick to the Hornets on Jan. 23 in exchange for guard Terry Rozier. Lowry, 37, remained in South Florida as a buyout was worked out with the Hornets, who are focusing on a rebuild and youth movement. Since the Lowry deal, the Hornets have also traded Gordon Hayward to the Oklahoma City Thunder and P.J. Washington to the Dallas Mavericks.

Lowry joined the Heat in a sign-and-trade deal from the Toronto Raptors in the 2021 offseason, agreeing to a three-year, $85 million free-agent contract. He then helped the Heat to the 2022 Eastern Conference finals and the 2023 NBA Finals.

In the current season, Lowry's uneven play led to a move to a reserve role shortly before his trade to the Hornets. He was due $29.7 million this season on the final year of his contract, but worked out a buyout with the Hornets to accept a $2.8 million contract with the 76ers, his agent told ESPN. As a result of the buyout, Lowry, a six-time All-Star, forfeited his Bird Rights, making him a free agent in the offseason.

In addition to the hometown connection to Philadelphia, Lowry has strong ties to the 76ers staff, having won the 2019 NBA championship with the Raptors under current 76ers coach Nick Nurse and having played for the Houston Rockets when their front office was led by current 76ers General Manager Daryl Morey.

The Heat have two games remaining against the 76ers, and the 76ers were able to outbid other teams for Lowry by not only dealing Patrick Beverley to the Milwaukee Bucks but also trading young guard Jaden Springer to the Boston Celtics. The 76ers then reached an agreement with Lowry by utilizing a portion of their mid-level exception.

With room under the luxury tax for further moves, the 76ers figure to remain active on the buyout market, having already been one of the leading players on the trade market by acquiring 3-point specialist Buddy Hield from the Indiana Pacers at last week's deadline. As of Sunday, the 76ers stood 2 1/2 games ahead of the Heat in fifth place in the Eastern Conference.