In a surprising turn of events, Ricky Rubio, the 33-year-old guard, has announced his retirement from the NBA. The news came through a statement posted on social media, according to NBA insider Adrian Wojnarowski's tweet.

Rubio had recently reached an agreement on a contract buyout with the Cleveland Cavaliers, as reported by ESPN's Adrian Wojnarowski. While the specific terms of the buyout have not been disclosed, it is worth noting that Rubio had $3.5 million remaining on his $6.15 million contract for this season. Additionally, he is owed $6.44 million for the 2024/25 season, with only $4.25 million of next season's salary guaranteed.

Discussions regarding the buyout between Rubio and the team had begun last month. The guard has not played a game this season, having announced in August that he needed to take a break from his career due to mental health reasons. Remaining in his native Spain, there was little expectation that Rubio was planning to make an NBA comeback.

The buyout with Rubio will provide the Cavaliers with some financial flexibility, as they are currently $752,000 below the luxury tax threshold, according to ESPN's Bobby Marks. Cleveland already has one open roster spot due to tax concerns, and they face roster shortages due to long-term injuries to Darius Garland, Evan Mobley, and Ty Jerome. As teams are allowed to sign players to 10-day contracts starting Friday, this may serve as a short-term solution until their injured players return.

Rubio, who emerged as a star in Spain during his teenage years, was selected by the Minnesota Timberwolves with the fifth overall pick in the 2009 NBA draft. Throughout his 12-year career, he played for four teams, showcasing his abilities with an average of 10.8 points, 4.1 rebounds, and 7.4 assists in 698 games.

The Cavaliers initially acquired Rubio in the summer of 2021, but his season was cut short after just 34 games due to a torn ACL. Later, he was traded to the Indiana Pacers to match salaries in the Caris LeVert trade. However, Rubio returned to Cleveland and re-signed with the team in 2022, though his playing time remained limited due to lingering effects from the injury, appearing in only 33 games last season.

With Rubio's retirement and contract buyout, the NBA bids farewell to a seasoned player who made a significant impact both on and off the court.