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The Timberwolves reached a buyout agreement with center Eddy Curry on Tuesday night.
Minnesota acquired Curry along with forward Anthony Randolph in a trade with New York last week.
They also got $3 million in cash in the deal, which will cover the cost of Curry's buyout.
Curry was waived before the midnight deadline, which means he is eligible to participate in the playoffs if he signs with another team.