After clearing waivers, Kyle Lowry signs a formal contract with the 76ers.

Following his clearance from waivers on Tuesday, free agent guard Kyle Lowry has officially inked a deal with the Sixers, as confirmed by Derek Bodner of PHLY Sports. The signing moment was shared by President of basketball operations Daryl Morey through an Instagram post featuring Lowry signing his contract.

Lowry’s journey to the Sixers began with a trade from Miami to Charlotte in January, serving salary-matching purposes in the deal that sent Terry Rozier to the Heat. Despite the transaction, the veteran point guard never saw action with the Hornets, as they explored potential trades before the deadline but were unable to find any takers due to Lowry’s substantial $29.7 million cap hit.

Subsequently, Lowry reached a buyout agreement with Charlotte a few days later and was officially waived on Sunday. The six-time All-Star and former NBA champion, set to turn 38 next month, has seen a decline in his impact compared to earlier in his career. His statistics this season with Miami, averaging 8.2 points, 4.0 rebounds, and 3.5 assists in 28.0 minutes per game across 37 appearances, mark his lowest averages since the 2008-09 season.

However, despite the statistical dip, Lowry remains a resilient and seasoned veteran, maintaining a 38.5% three-point shooting accuracy. His addition is expected to bolster the Sixers’ backcourt, particularly with the departures of Patrick Beverley and Jaden Springer in deadline deals. Alongside new arrival Cameron Payne, Lowry is anticipated to provide depth and share the court with point guard Tyrese Maxey.

In an interesting financial move, Keith Smith of Spotrac reported that Lowry relinquished $1,138,964 in his buyout agreement with Charlotte, equivalent to the prorated minimum-salary deal for the remainder of the 2023-24 season. However, ESPN’s Adrian Wojnarowski revealed on Saturday that Lowry’s rest-of-season contract is valued at $2.8 million, indicating it may be sourced from the 76ers’ mid-level exception.