The Sixers formally sign Kyle Lowry.

After successfully clearing waivers on Tuesday, free agent guard Kyle Lowry has officially completed his expected signing with the Sixers, as confirmed by Derek Bodner of PHLY Sports on Twitter. The President of basketball operations, Daryl Morey, shared an Instagram photo capturing the moment of Lowry signing his contract.

In a January trade, Lowry was moved from Miami to Charlotte for salary-matching purposes in the transaction that involved Terry Rozier heading to the Heat. Despite being part of the Hornets briefly, the veteran point guard did not play for them, and attempts to trade him before the deadline were unsuccessful due to his high $29.7 million cap hit.

Subsequently, Lowry reached a buyout agreement with Charlotte, officially getting waived on Sunday. The six-time All-Star and former NBA champion, now nearing 38, is not the impactful player he once was. His statistics with Miami this season, averaging 8.2 points, 4.0 rebounds, and 3.5 assists in 28.0 minutes per game across 37 appearances, are the lowest since the 2008/09 season.

Despite the decline in his performance, Lowry remains a resilient and experienced veteran, shooting three-pointers at a 38.5% accuracy this season. His signing addresses the Sixers’ backcourt depth following the departure of Patrick Beverley and Jaden Springer in deadline deals. It is expected that Lowry, along with new addition Cameron Payne, will support Tyrese Maxey at the point guard position and also share the court with him.

According to a tweet by Keith Smith of Spotrac, Lowry sacrificed $1,138,964 in his buyout agreement with Charlotte, the exact amount he would receive on a prorated minimum-salary deal for the remainder of the 2023/24 season. However, ESPN’s Adrian Wojnarowski reported on Saturday that the guard’s rest-of-season contract will be worth $2.8 million, suggesting it is utilizing the 76ers’ mid-level exception.