(breaking) Knicks won’t keep Jeremy Lin

Posted: July 17, 2012 in opinion, sports
Tags: , , ,

The New York Knicks confirmed to ESPNNewYork.com’s Ian Begley they will opt not to match the offer sheet point guard Jeremy Lin signed with Houston.

The Knicks had until 11:59 p.m. ET Tuesday to announce their decision whether they will match Houston’s three-year, $25.1 million offer sheet or let the Rockets have Lin, who became an international phenomenon during a dazzling February.

A team source told Begley earlier this week that the third year of the Rockets’ offer — worth $14.8 million — caused the Knicks to consider letting Lin go. If the Knicks matched the offer, they would have been subject to a luxury tax in the third year, potentially bringing their total out-of-pocket cost for the team’s salary to about $43 million in 2014-15.

The Rockets’ offer to Lin would pay him $5 million in the first year, $5.225 million in the second and $14.8 million in the third, according to sources.

Lin, a restricted free agent, made $788,000 last season.

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