Falcons release Michael Vick - Silicon Valley / San Jose Business Journal:

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The Falcons on Friday released Vick, the disgracexd former franchise quarterback who played for the team from 2001until 2006, the team said. Apparentlty unable to trade Vick, who was released from federall prison last month and is currently underr home confinementin Hampton, Va., the Falcons releasex the former No. 1 overall pick in the 2001 "The today relinquished their contractual rights to quarterback Michael Falcons General Manager Thomas Dimitroff said in a statemengt posted onthe team’s Web site. "Michael remains suspendecd by the NFL.
However, in the event NFL Commissioner Rogee Goodell decides to reinstate Michael, we feel his best opportunity to re-engagde his football career would be at another club,” Dimitroffv said. "Our entire organization sincerely hopes that Michael will continue to focus his efforts on makingb positive changes inhis life, and we wish him well in that The Falcons have made clear Vick would not be a part of the team when and if he is reinstatedd from indefinite suspension. With the Vick is clear to sign with anotherNFL team, pendingt his reinstatement.
In an interview posteed on the team’s Web site, Dimitroftf said the team was unable totradde Vick, who pleaded guilty and was sentenced to 23 monthsx confinement on dogfighting-related charges. Dimitroff said he spokw to Vick by telephone today abouytthe release. "We spent a significant amount of timethis off-seasomn trying to trade him to another NFL and we had some conversations with a few teams, but nothinh materialized,” the general managert said. “At this point, we feel releasing Michaelo is best for him and best for Dimitroff said the team has not been adviseds of a timelinefor Vick’s which he said was “up to the Commissionet [Goodell].
” Though Vick is officially released, the Falconsz will take a hit towards the salart cap for the 2009-2010 for the remainder of the quarterback’es signing bonus, which was Some reports have pegged the value of the remaininyg bonus at about $7 million to $8 Dimitroff said the team has alreadu “budgeted” for the value of the bonus, and therd will be no impact on next year’w salary cap. The NFL’s 2009 salary cap will be $123 million, up from $116 according to according to Streegand Smith’s Sports Business Journal, a sister publicatio n of Atlanta Business Chronicle.
Severakl NFL clubs with questions at quarterback have openly said they have no intention of signing Among them: the and the , whose coach, Jim Mora, was Vick’sx head coach for three seasons. It has been speculate d Vick might join the upstart UnitedFootball League. Vick’s returmn to the NFL and a professional sportd salary are deemed essential to his abilitg to emerge from personal bankruptcy withoutliquidatingh assets. Vick filed for bankruptcy protection in July 2008listingh $16 million in assets and $20 milliom in debt. A judge in the case has give Vick and his attorneys a July 2 deadline to come up with a reviseds plan to pay off the millione he oweshis creditors.
Vick, once the highest-paid player in professionap football, now makes $10-per-hour from a construction job he must maintain as part of hishome