http://articles.washingtonpost.com/2012-11-25/sports/35512386_1_president-ernie-grunfeld-wizards-gilbert-arenas
Doesn't say who owns the contract, but looks like wizards dealt it to orlando.
he got waived by orlando, which means his contract didnt come under the books for tax purposes, and then utilise the 'stretch provision', whihc means... pay the remainder out of the next few years ( not sure how that works)
so by taht ruling, Orlando own it until paid out which is.. who knows? Can a player get money from one contract whilst still earning from another? Cause gilbert then played for memphis... so who knows.
but chances are, is that the owner of the wizards said to the owner of the magic,.... "take gilbert off ur hands, and ill buy any dodgy assets that you own (houses, companies etc) equivilant to the same amount"
and the magic owner woulda said "take rashard lewis off my hands as well, and u have a deal"
.........and thats how capitalism works.