The Los Angeles Lakers have officially waived Metta World Peace using their amnesty provision.

"It’s tough to say goodbye to a player such as Metta, who has been a significant part of our team the past four seasons," said Mitch Kupchak.

World Peace signed with the Lakers in 2009 on a $32 million contract over five seasons using their mid-level exception.

By eliminating World Peace's $7.7 million salary from their cap, the Lakers will save approximately $15 million in luxury tax payments.