03/18/2010 05:12 am ET Updated May 25, 2011

Allen Iverson Retires: Guard Announces Retirement, Report Says

Stephen A. Smith's web site reports that famed guard Allen Iverson will retire. According to Smith, Iverson's statement begins with a bittersweet note:

I would like to announce my plans to retire from the National Basketball Association. I always thought that when I left the game, it would be because I couldn't help my team the way that I was accustomed to. However, that is not the case.

Read the rest of the statement at Smith's web site. Iverson signed with the Memphis Grizzlies this year but the team and Iverson agreed to terminate his contract after just three games. Rumors later swirled that Iverson would join the New York Knicks, but it did not pan out.