The Miami HEAT announced that former Head Coach and current Consultant to the Head Coach Stan Van Gundy has been released from his contractual obligations in order to become the Head Coach of the Orlando Magic. In return for releasing Van Gundy from his HEAT contract, Miami obtained draft picks and future compensation from the Orlando Magic.

?I?m happy that Stan is back in coaching,? said HEAT President and Head Coach Pat Riley. ?It?s where he belongs. Stan has been an incredibly loyal and gifted member of the HEAT family for the last 12 years and we will miss him. I spoke with Stan last evening and I know he wanted to go to Orlando. So, I?m happy that?s where he ended up.?

?Regarding the compensation, the Orlando Magic are getting the best young coach in the NBA,? stated Riley. ?As a director competitor in our division, they were going to have to compensate us for that. And they did. Micky and I wish Stan, Kim and their family all the best.?

In exchange for releasing Van Gundy, the HEAT obtained Orlando?s first pick in the second round of the 2007 NBA Draft (39th overall selection). Miami also received the right to exchange first-round picks in the 2008 NBA Draft provided that Orlando?s first-round pick is not among the first 14 selections in the 2008 NBA Draft. If Orlando?s pick is among the first 14 selections or if Miami chooses not to exchange first-round selections in the 2008 NBA Draft, the HEAT will instead receive Orlando?s own second-round pick in the 2008 NBA Draft and future compensation.