Los Angeles  - The agonizing wait is over, and the divorce between the New York Knicks and Stephon Marbury is final.

The Knicks reached a buyout agreement with exiled Marbury on Tuesday, putting an end to the season-long soap opera in the Big Apple.

"A comprehensive agreement was made this afternoon between the New York Knicks and Stephon Marbury," the team said in a statement.

"Under its terms, the grievance has been resolved and the Knicks have requested waivers on Stephon. No additional terms will be disclosed."

In an arbitration hearing in Manhattan attended by Knicks president Donnie Walsh, head coach Mike D'Antoni, Marbury and Hal Biagas, a lawyer for the players' union, the controversial star was fighting the 400,000 dollar fine he received for allegedly refusing to enter a game on November 26.

However, it is believed the Knicks asked Marbury to drop the grievance and to give up about 2 million dollars of his 20.8 million dollar salary to gain his freedom.

Marbury began his Knicks career in January 2003, and it essentially ended at the start of this season, when D'Antoni said he was not in the team's plans.

As as a result the two-time All-Star point guard sat on the bench in favour of Chris Duhon, Nate Robinson and Jamal Crawford.

When Marbury refused the coach's request to enter into that November contest, he was fined and told to stay away from the team.

Not one to normally negotiate a buyout with a player, Walsh finally caved in, when the on-going drama became a daily distraction to a team struggling to make the playoffs.

By receiving his release before the March 1 deadline, Marbury is eligible for the playoffs, no matter which team he signs with, though he must clear waivers in 48 hours.

The defending NBA Champion Boston Celtics are interested in inking him to beef up their backcourt for the post-season run, according to ESPN. com. (dpa)