Letting the rookie guard go gives the Hawks an extra roster spot, which they may use to try to plug the gap caused by Al Horford's injury.
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Sloan, a tough-minded defensive guard, made the Hawks roster in training camp after spending the 2010 season bouncing around the NBDL and Europe.
At 6'3 205, he was an All Big-12 selection as a senior at Texas A&M, but concerns about his athleticism and position in the pros caused him to be undrafted.
While he impressed Atlanta's coaching staff with his work ethic and dedication in training camp, he was never able to crack the Hawks rotation, playing a total of 20 minutes in 5 games this season.
His release opens up a roster spot for Atlanta, who had been carrying the maximum allowed 15 players.
The move may have been done strictly for financial reasons, but it also may be a signal that Atlanta is preparing to take back an extra player in a trade to replace Horford's production or that there is an available free agent big man they are interested in.
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