Maccabi Tel Aviv signed an NBA free agent in what is being called the richest transaction in team history.
Carlos Arroyo, 29, a veteran guard who played last season with the Orlando Magic, inked a three-year contract Monday that will pay him an estimated $2.5 million net next season – roughly $5 million in the United States after taxes – ESPN.com reported.
Sources said the contract had an opt-out clause if Arroyo wanted to return to the NBA.
Maccabi coach Effi Birenboim appeared Sunday on Israel’s national sports network, Sport5, to tout the deal.
Arroyo, a standout on the Puerto Rico national team that upset the United States in the 2004 Olympics, became the eighth player who was in the National Basketball Association last season to sign with an overseas club since free agency began July 1.
He averaged 6.9 points and 3.5 assists for the Magic last season in 62 games, but appeared in only four of Orlando’s 10 playoff games.
Another ex-NBA performer, Rodney White, signed recently with the high-profile Maccabi club, which has a tradition of excellence.