Nick CalathesThe American website that had first reported Nick Calathes' transfer to Panathinaikos, OrlandoSentinel.com has struck again, this time revealing the details of the contract that the young Greek International star signed with Panathinaikos.

More specifically Nick Calathes signed an initial 2 years deal worth a total of $2.2 million USD (1.6 million EUR) with a 500.000 USD buy-out for an NBA team in the summer of 2010/11, after his first season in Panathinaikos. This with the presumption that Calathes will actually get picked in the June 25 NBA draft. In case that Calathes feels that he will not get picked in the first round of the draft, he can pull out by July 15.

But this is not all, Calathes will have an option for a third year, with a significant raise which can reach as much as 50%, earning him a total of $3.5-4 million USD in three years, all tax free. Add a free house and a car and you have one of the best packages any professional athlete could ask for.

Here is what Calathes stated to Jeremy Fowler, a writer for Orlando Sentinel:

"I really haven't realized how great of a situation this is yet. It's a lot of money. But the main thing for me is being able to get better over there and blend the European style of basketball with the American style. It will help me improve as a player.

It was definitely a tough decision not to stay in the draft because that's been my dream. But I thought about how nothing is guaranteed. I still think I can be a first-rounder, but who knows? This way I can get my goal achieved and have a great experience.

All the reporters and people from the team met me at the airport in Greece, so that was a great experience. I'm not coming in trying to be the star player, I just want to help our team win another title. They run a lot of pick-and-rolls, so I can work on that aspect of my game."

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