Miami Heat: Pat Riley’s Statement on LeBron James’ Opt Out

July 11 2012; Miami, FL, USA; Miami Heat president

fields a question from a reporter during a press conference at American Airlines Arena. Mandatory Credit: Steve Mitchell-USA TODAY Sports

LeBron James‘ agent informed Miami Heat officials Tuesday morning that he has elected to opt out of his current contract with the team in order to become a free agent on July 1. He is expected to “explore” free agency options.

Here is Heat President Pat Riley’s response statement:

"“I was informed this morning of his intentions. We fully expected LeBron to opt-out and exercise his free agent rights, so this does not come as a surprise. As I said at the press conference last week, players have a right to free agency and when they have these opportunities, the right to explore their options. The last four seasons have been historic and LeBron James, Dwyane Wade, Chris Bosh and Erik Spoelstra have led the Miami HEAT to one of the most unprecedented runs in the history of the NBA. We look forward to sitting down with LeBron and his representatives and talking about our future together. At the moment, we are preparing for the opportunities in the Draft and Free Agency as we continue with our goal of winning NBA Championships.”"