- Posted: 5:47 PM, July 17, 2012
One of sports most all-time captivating rags to riches stories, the rise of Jeremy Lin, is turning the page to its next chapter.
But it won’t be set in New York.
The Knicks announced tonight they have officially severed ties with the 23-year-old point guard who made Linsanity an international sensation, by declining to match Houston’s 3-year, $25.1 million back-loaded offer sheet. The Knicks had until 11:59 last night to inform the Rockets of their decision, but announced the move nearly two hours before the deadline.
“I can confirm we are not matching,” a Knicks spokesman said via text.
NYPost.com reported Saturday night and The Post reported Sunday the Knicks would not match.
Knicks fans had clung to the glimmer of hope the Knicks would have a sudden change of heart and re-sign Lin so that the one-time inhabitant of his friends’ and relatives’ couches would suit up at the Garden again next season. Didn’t happen.
The Knicks were angered when the Rockets reworked their original offer, a 4-year, $28.9 million proposal that was far more palatable to the Knicks. But in the revised deal the Rockets added a poison pill in the third year — worth $14.9 million — that would slam the Knicks for an estimated $43 million in luxury taxes. The Rockets were said to have reconfigured the deal after Lin advised them he had assurances from the Knicks they would match.