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. Last Updated: 07/27/2016

Grant Signs With Orlando

DEERFIELD, Illinois -- The Chicago Bulls have said a bitter goodbye to free-agent Horace Grant.

The Orlando Magic announced Friday that they signed Grant, making the power forward, who won three NBA titles with superstar Michael Jordan, a teammate of the league's brightest new marquee player, Shaquille O'Neal. Terms of the deal were not disclosed.

Bulls chairman Jerry Reinsdorf said earlier Friday that he wouldn't try to re-sign Grant, whom he accused of backing out of a handshake deal for a five-year contract worth more than $20 million.

"We were prepared to make him the highest-paid Chicago Bull of all time," Reinsdorf said at an emotional news conference. "I've decided to say goodbye to Horace Grant. I wish him well."

Earlier in the day, the Magic traded guard Scott Skiles to the Washington Bullets, apparently to free up Skiles' $2.1 million salary in order to help sign Grant. (AP, Reuters)