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Microfracture surgery is an articular cartilage repair surgical technique that works by creating tiny fractures in the underlying bone. This causes new cartilage to develop from a so-called super-clot. Microfracture surgery has gained popularity in sports in recent years; numerous professional athletes including members of the NBA (most notably Andrew Bogut, Anfernee Hardaway, Jason Kidd, Greg Oden, Allan Houston, Kenyon Martin, Tracy McGrady, Chris Webber, and Amar'e Stoudemire), MLB (Jeff Clement), NFL and NHL have undergone the procedure.
The surgery is quick (typically lasting between 30-90 minutes), minimally invasive, and can have a significantly shorter recovery time than an arthroplasty (knee replacement).

http://en.wikipedia.org/wiki/Microfracture_surgery