The New York Knicks announced Tuesday night that they will not match the Houston Rockets’ three-year, $25 million offer for Lin, a restricted free-agent.
New York officially had until 11:59 EDT to decide whether to re-sign Lin, who became an international phenomenon in the media glare of the Big Apple.
Rockets general manager Daryl Morey celebrated the acquisition on Twitter:
“Welcome to Houston (at)JLin7. We plan to hang on this time. You will love (hash)RedNation.”
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Houston had Lin in training camp in December and Morey regretted waiving him. The Rockets liked what they saw in the undrafted point guard, but had to let Lin go because they had Kyle Lowry and Goran Dragic on the roster.
The Rockets made it tough for the Knicks to keep Lin, tough, by backloading their offer sheet with a $15 million salary in the third season. If the Knicks agreed to that deal, they would’ve faced a hefty luxury tax in 2014-15 because of other big contracts on their books — between $30-40 million.
Read/learn more at Yahoo News.