The Houston Rockets announced Wednesday they've dealt the injured former superstar to Memphis along with a 2009 second-round pick and cash. The Rockets get a conditional 2011 second-round pick.
The second-round pick going to Memphis was originally acquired from the Grizzlies in a 2008 draft night deal. Francis has not played for the Rockets this season after having surgery on a torn quadriceps tendon back in February. You may recall how Francis balked at playing for the Vancouver Grizzlies after he was selected with the No. 2 overall pick in 1999. His rights were traded to Houston in a three-team, 11-player deal.
More later as details become available.
UPDATED: Francis is in the final year of a two-year deal that pays him $2.6 million this season. That money would come off Memphis' books in July. For Francis, he gets a chance to get some minutes, test his knee, and decide if he can continue his career. For the Grizzlies, the deal was mostly about reaquiring their 2009 second-round pick, which went to Houston as part of separate deals in which Houston got Donte Green and Joey Dorsey.
UPDATED Dec. 25, 12:23 p.m.: The cash involved in the deal is a nice holiday gift for Memphis. Houston pays Francis' contract plus a little more, a person familiar with the deal said. The maximum cash allowed to change hands in a trade is $3 million, so it sounds like Memphis got a little less than that.