HoopsHype.com NBA Blogs - Jorge Sierra

Sources tell HoopsHype.com free agent guard Von Wafer signed this afternoon a two-year contract with Olympiakos worth $4.2 million without taxes - approximately $10 million gross. He has an opt-out clause to return to the NBA after the first season.

Wafer, a journeyman who has played with five NBA teams in four years, averaged a career-high 9.8 ppg with the Rockets last season.

Olympiakos signed Lithuanian forward Linas Kleiza earlier in the day for $5 million, also without taxes.

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Sources tell HoopsHype.com that European powerhouse Olympiakos will soon be facing a grievance filed through FIBA’s Arbitral Tribunal related to outstanding payments from the 2008-09 season due to Bulls guard Jannero Pargo.

Pargo signed with Olympiakos in January after securing a buyout with financially struggling Dynamo Moscow. They parted ways two months later.

Olympiakos, who has consistently been one of the top teams in Europe for the last two decades, has been mentioned this summer as a possible destination for free agents like Allen Iverson, Nate Robinson and Linas Kleiza.

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