Back in July, the New York Knicks decided to not match the Houston Rockets offer to point guard Jeremy Lin, and Knicks GM Glen Grunwald finally gave resolve to that decision Monday during the Knicks media day.
"Basically, it comes down to the fact that Houston made a commitment to him that we weren't prepared to make," Grunwald said on Monday, making reference to the 3-year, $25.1 million offer the Rockets made to Lin last July. "But I'm very happy for Jeremy that things worked out for him personally and for his family and I wish him the best.
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"I'm more excited for our team, the team we assembled right now. ... We're very excited and optimistic about this coming year."
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.
Instead the Knicks decided to obtain point guard Raymond Felton from the Portland Trailblazers in a sign-and-trade deal.
Felton thrived in a previous stint with the Knicks, averaging 17 points and nine assists in 54 games during the 2010-11 season, but had a subpar season in Portland last year. He admittedly came into camp out of shape and averaged just 11.5 points and 6.5 assists on 41 percent shooting.