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Reports: Fred VanVleet leaving Raptors on three-year, US$130M deal with Rockets

Fred VanVleet is leaving the Toronto Raptors and signing a three-year, US$130-million contract with the Houston Rockets, according to multiple reports.

VanVleet has spent his entire seven-year career with the Raptors after going undrafted in 2016.

It’s the largest contract for an undrafted player in NBA history.

VanVleet was part of the Raptors team that won a championship in 2019 and was named an all-star in 2022.

The 29-year-old point guard opted out of his $22.8-million player option two weeks ago. The option year was slated to be the last of a four-year, $85-million contract he signed in 2020.

Last season, VanVleet averaged 19.3 points and a career-best 7.2 assists across 69 regular-season games. Toronto finished with a 41-41 record and missed the post-season after a play-in loss to the Chicago Bulls. 

The Raptors moved quickly to replace VanVleet, reportedly signing 29-year-old point guard Dennis Schroder to a two-year contract worth $26 million.

They also reportedly re-signed centre Jakob Poeltl to a four-year, $80-million deal with a player option for the final season.

Schroder, 29, arrives in Toronto after stints in Atlanta, Oklahoma City, Los Angeles, Boston and Houston.

Last season, he averaged 12.6 points and 4.5 assists for the Lakers.

Poeltl averaged 13.1 points, 9.1 rebounds and 1.3 blocks in his 26 games with Toronto last season.

The Raptors acquired Poeltl, 27, from the San Antonio Spurs at last season’s trade deadline, sending Khem Birch, a protected 2024 first-round pick and two future seconds the other way.

The trade was a homecoming of sorts for Poeltl, whom Toronto drafted ninth overall in 2016 but traded to San Antonio along with DeMar DeRozan to acquire Kawhi Leonard in 2018.

This report by The Canadian Press was first published June 30, 2023.

The Canadian Press