Bryce Cotton, the reigning NBL MVP and Grand Final MVP, opted out of his contract with the Perth Wildcats.

Cotton, whose over-$200,000 salary would have been cut in half, cited the effects of recent salary-cutting measures due to the COVID-19 pandemic.

"Due to unforeseen circumstances that have unfolded which none of us could've predicted, it is in me and my family's best interest to opt out of my contract. Regardless, I'll always be a Wildcat at heart in my eyes and I hope you all feel the same way. "I had so much fun here and hope you all enjoyed these past 3 1/2 seasons as much as I did," released Cotton in a statement.

The 27-year-old Cotton averaged 22.9 points per game last season.

Other players earning over $200,000, including Casper Ware, are also considering opting out of their current deals.

NBL commissioner Jeremy Loeliger cleared the air over recent rumors that LaMelo Ball and his business partner Jermaine Jackson purchased the Illawarra Hawks, calling Jackson's comments an "honest mistake."

Jackson announced the purchase of Ball's former club before the story was retracted by the Hawks' current sponsor Tory Lavalle.

"It was a bit of misunderstanding and a miscommunication and I don't think there was any malice intended. I don't think anyone was trying to leverage the situation. I think it just snowballed and it got a little bit out of control but we've all had conversations and there's certainly no bad blood out there between anyone," said Loeliger.

The NBL took back the license for the Hawks from previous owners Simon and Wendy Stratford.

Loeliger added that several people are in the mix to purchase the club, including Ball and Jackson.

"There are a number of parties interested in ownership, either in part or whole, including LaMelo Ball and his management, and Jermaine Jackson in particular. We're continuing to have discussions with them, which is great, but there are plenty of others in the background also."

The sale of the Illawarra Hawks to LaMelo Ball and his manager Jermaine Jackson is not yet complete, according to Australia's NBL.

Ball and Jackson said that they purchased the team on Thursday. 

The NBL did confirm that there were talks surrounding the sale of the team.

The league stated that it has "final approval of any transfer of license," and that they have yet to receive an application for the transfer.

The NBL announced that it was working with Simon Stratford, the current holder of the Hawks' team license, on "a number of options for what we hope will be a fruitful outcome for Illawarra and the NBL."