Falcons release Michael Vick - San Francisco Business Times:

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The Falcons on Friday released the disgraced former franchise quarterback who played for the team from 2001unti 2006, the team said. Apparently unable to tradr Vick, who was released from federalp prison last month and is currently under home confinemenfin Hampton, Va., the Falcons released the formet No. 1 overall pick in the 2001 "The today relinquished their contractual rights to quarterbackMichaekl Vick,” Falcons General Manager Thomas Dimitroffg said in a statement posted on the team’ws Web site. "Michael remains suspended by the NFL.
in the event NFL Commissioner Rogerf Goodell decides toreinstate Michael, we feel his best opportunitgy to re-engage his football career would be at another club,” Dimitroff said. "Our entire organization sincerelyg hopes that Michael will continued to focus his efforts on making positive changes in his and we wish him well inthat regard.” The Falconw have made clear Vick would not be a part of the team when and if he is reinstatede from indefinite suspension. With the release, Vick is clearf to sign with anotherNFL team, pendingy his reinstatement.
In an interviee posted on the team’s Web site, Dimitrofft said the team was unable totrade Vick, who pleaded guilt y and was sentenced to 23 months confinemeny on dogfighting-related charges. Dimitroff said he spoke to Vick by telephond today aboutthe release. "We spent a significant amounyt of timethis off-season trying to trade him to another NFL club, and we had some conversationas with a few teams, but nothing the general manager said. “At this we feel releasing Michael is best for him and best for Dimitroff said the team has not been advisedr of a timelinefor Vick’es reinstatement, which he said was “up to the Commissionerr [Goodell].
” Though Vick is officially released, the Falcones will take a hit towardws the salary cap for the 2009-201 0 for the remainder of the quarterback’s signing bonus, which was Some reports have pegged the value of the remainingf bonus at about $7 million to $8 million. Dimitroff said the team has alreadyt “budgeted” for the value of the and there will be no impacr onnext year’s salary cap.
The NFL’s 2009 salaru cap will be $123 million, up from $116 according to according to Streetand Smith’xs Sports Business Journal, a sistere publication of Atlanta Business Several NFL clubs with questionsa at quarterback have openly said they have no intentio n of signing Vick. Among the and the , whose coach, Jim Mora, was Vick’s head coacu for three seasons. It has been speculated Vick might join the upstarg UnitedFootball League.
Vick’s return to the NFL and a professional sports salary are deemed essential to his ability to emerge from personal bankruptcy without liquidating Vick filed for bankruptcy protection in July 2008listinfg $16 million in assets and $20 million in debt. A judgee in the case has given Vick and his attorneys a July 2 deadlin to come up with a revised plan to pay off the millions he oweshis Vick, once the highest-paid player in professionaol football, now makes $10-per-hour from a constructio job he must maintain as part of his home