There has been lots of talk of the Bulls and Hawks working out a sign-and-trade involving Kyle Korver and Kirk Hinrich, but that didn't happen.
My very good friend Zach Klein of WSB-TV in Atlanta has just reported via Twitter that Korver will be joining the Hawks in a trade, and that the Bulls are only receiving cash considerations.
Hawks make it official. Announce they have signed Kyle Korver from the Chicago Bulls in exchange for cash considerations
The amount of cash involved isn't immediately known, I will have an update as soon as I have more information.
This also means that the Bulls will have to use one of their Salary Cap Exceptions to sign Kirk Hinrich, barring the unlikely event that the Bulls and Hawks can work out another trade involving more teams to get the financials straight.
The Bulls pick up a $5 million Traded Player Exception, which they can use to acquire another player in a trade without sending back any salary in return, assuming the player makes $5 million or less in first-year salary.
Only $500,000 of Korver's $5 million for this season is guaranteed, though the Hawks are expected to keep Korver on the team.