The New York Knicks and Stephon Marbury have officially parted ways.

The following is a joint statement on behalf of the Knicks and Marbury:

“A comprehensive agreement was made this afternoon between the New York Knicks and Stephon Marbury. Under its terms, the grievance has been resolved and the Knicks have requested waivers on Stephon. No additional terms will be disclosed.”

InsideHoops.com will post more on this later tonight.