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The Knicks will let Jeremy Lin leave for Houston, Howard Beck of the New York Times reports.New York has until midnight tonight to match the three year, $25.1 million offer that the Rockets made for Lin.
According to Beck, the Knicks made their decision this afternoon, and it’s final.
We can only speculate that the Knicks were deterred by the $14.8 million they would have had to pay Lin in 2014-15.
That would have contributed to an already massive payroll, and resulted in a massive luxury tax bill that could have gone as high as $68 million.
They will go forward with Raymond Felton and Jason Kidd at point guard.
Just like that, the thrilling Jeremy Lin era in New York is over.
Here’s what Beck wrote about the decision:
The decision was ultimately financial, not emotional. The contract with Houston includes a third-year balloon payment of $14.9 million, which would have cost the Knicks another $35 million or more in luxury-tax penalties had they matched the deal. The so-called poison pill was designed to dissuade the Knicks.
Beck also said there’s an “incredibly small” chance it could be reversed. So there’s that.
The Rockets have not been informed of an official decision yet, Al Iannazzone of Newsday reports.
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