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Timberwolves buy out draft bust Anthony Bennett for reported $3.6M

MINNEAPOLIS -- Anthony Bennett is on the move again.

The Minnesota Timberwolves have bought out the former No. 1 overall pick, the team announced Wednesday. A source told The Associated Press that the buyout is for $3.6 million.

"In speaking with Anthony and his representatives over the past few days, we came to the conclusion that this was the best outcome for both parties," Timberwolves general manager Milt Newton said. "When you look at our team, our deepest position is probably power forward. This move balances out our roster while also allowing Anthony another opportunity in the NBA. He has a lot of talent and his play this summer internationally [for Team Canada in the FIBA Americas tournament] made this a difficult decision for us."

If Bennett is claimed on waivers, he would make his full $5.8 million salary and would be owed nothing by the Wolves.

If he clears waivers, he is likely to sign a minimum free-agent contract worth $947,000, thereby forfeiting about $1 million from his original salary.

Bennett was the top pick of the 2013 draft by the Cleveland Cavaliers. He was traded to Minnesota in the Kevin Love deal in the summer of 2014 but struggled in his lone season there with injuries.

The Timberwolves had attempted to deal Bennett but could not find a trade partner to take him, a league source previously told ESPN's Chris Broussard.

Information from The Associated Press was used in this report.