Raptors, Valanciunas reach buyout agreement

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Via The National Post’s Eric Koreen:

A source with knowledge of the negotiations confirms #Raptors reach buyout agreement with Lietuvos for Valanciunas. He joins TO in 12-13.

Valanciunas was projected as a top-five pick in the weeks leading to the draft, but news that a buyout agreement would keep him from playing in the NBA for at least one season was supposed to send his stock tumbling to the back half of the lottery. The Raptors, however, were willing to wait on Valanciunas because of his size, motor, and efficiency, and snatched him up with the fifth pick immediately after the Cavaliers took Tristan Thompson with the #4 pick.