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.