Magic Will Pay Luxury Tax to Re-Sign Hedo Turkoglu

by Tim PovtakFiled under: Lakers, Magic, Playoffs, FanHouse ExclusiveORLANDO - The intoxicating effect of reaching the NBA Finals for just the second time in franchise history will prompt the Orlando Magic to loosen the purse strings and venture into the previously-dreaded luxury tax territory this summer to re-sign free agent-to-be Hedo Turkoglu. Magic President and chief executive officer Bob Vander Weide told FanHouse that ownership likely would approve paying the luxury tax for the first time if it means keeping the nucleus of this team together. The Magic are one of 19 teams in the league who previously have avoided the luxury tax, which is a dollar-for-dollar tax paid to the league and distributed to teams that stay under the tax threshold.Magic Will Pay Luxury Tax to Re-Sign Hedo Turkoglu originally appeared on Fanhouse NBA Blog on Fri, 12 Jun 2009 17:15:00 EDT . Please see our terms for use of feeds. Permalink | Email this | Linking Blogs | Comments