Drew Nicholas has left Panathinaikos after three years of titles with the team, the European champion announced on July 16.
The US shooting-guard apparently refused to take a pay cut, which has been proposed to most players of the team, and on the same day he sealed a deal with Armani Milano, according to a statement by the Italian club.
Nicholas quickly signed to play (translation) for Armani Jeans Olimpia Milano of the Italian SerieA league. Milano finished third in the highly competitive top Italian league last season, and will be good again next season after reloading with three players cast off from Panathinaikos this week. From the team's press release:
"With Drew Nicholas," said coach Sergio Scariolo, "we insert into the group not only an excellent shooter who has demonstrated his technical quality on all teams for which he played, but also a serious and positive person, who has made an essential contribution to the success of his teams in recent years."