As we relayed yesterday, Steve Francis and the Beijing Shougang Ducks have agreed to a one-year fully guaranteed contract. TOM Sports has released the details for Steve Francis’ soon to be signed contract with Beijing, and they go a little something like this:
Francis will sign a “one-plus-one” deal, meaning that the first year will be completely guaranteed, while the second will be a team option that would be picked up depending on Francis’ health, performance and desire to remain in China. Francis will make $800,000 this year, and if he signs on for next year, he’ll receive a 15% bump in salary.
In addition to an annual salary, Francis will also receive bonuses dependent on regular season wins, statistical performance and a playoff appearance.
There are also several clauses included in the deal. Beijing will pay Francis roughly 20% of his contract up front, while the rest will be paid over the course of the season. The team must also guarantee several special provisions, including acceptable housing, a private teacher for his child, and round trip airfare for family members. They must also provide insurance for his family, and compensate them for all money spent on international calls. Francis will also be allowed to bring along private doctors, as he has concerns about Beijing’s ability to monitor and take care of his surgically repaired knee.
Francis has yet to officially sign the deal, but Beijing general manager Yuan Chao has indicated that an official announcement is imminent.
With the way that this deal is set up, its obvious that Francis has nothing to lose financially. Practically all of his expenses will be taken care of by the team, and getting paid a cool 800 large for four months of basketball isn’t bad, either. All in all, not bad for someone who hasn’t played professional basketball in close to three years.