NEW YORK (WFAN) — The fate of Linsanity in New York City has been sealed.
The New York Knicks confirmed Tuesday night that they will not be matching the three-year, $25 million offer sheet that the Rockets presented Jeremy Lin.
The Rockets will now get a second chance to capitalize on the point guard. Except this time, the unknown player Houston waived before last season will come at a high cost.
New York brass reportedly told Lin they’d match Houston’s original offer. According to multiple reports, the Knicks became upset that Lin renegotiated with the Rockets based on that information.
His new offer includes a poison-pill third year, worth about $15 million. If the Knicks had decided to match, the luxury tax for Lin’s contract alone that season could have been $43.4 million, according to the Post.
Linsanity could have cost the Knicks a total of $58 million in 2014-15.
Aside from the financials, the writing seemed to be on the wall following the additions of Jason Kidd and Raymond Felton, who wouldn’t have agreed to a sign-and-trade “if there were any chance of Lin returning,” a source told the Daily News.
Knicks forward Carmelo Anthony earlier said he hoped the team could “get it done.”
“I would love to see him back, honestly, I would definitely love to see him back. But knowing the business of basketball, it’s kind of a tough situation, kind of for both parties. With Jeremy, I know he definitely would want to be back in New York, and with the team, (owner James) Dolan definitely wants him back. But it’s just a matter of figuring it out.”
Anthony called the offer “ridiculous” on Sunday, remarks he clarified yesterday.
“It was ridiculous for them to do what they did, as far as throwing that out there and making it tough on us to sign him back,” Anthony said of the Rockets.
Lin, the unknown Harvard product who became a global phenomenon after sparking the Knicks in February, averaged 14.6 points and 6.2 assists over 35 games (25 starts) last season. He wasn’t able to return for the team’s playoff run after surgery to repair torn cartilage in his left knee.
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