Grizzlies PG Nick Calathes signs deal with Greek squad

Restricted free-agent point point guard Nick Calathes, who tallied playoff minutes for the Grizzlies last year, has signed a three-year, $7 million deal with the Greek team Panathinaikos, per European hoops site Sportnado. 

However, the deal does have an NBA out clause with a deadline of July 15. If the Grizzlies, who signed Calathes to a qualifying offer on July 1, decide to match the Greek deal, that contract would become void.

In 58 games last season, Calathes averaged 4.2 points, 1.8 rebounds and 2.5 assists.