17
Jul
12

BREAKING NEWS!! KNICKS MAKE IT OFFICIAL – JEREMY LIN IS GONE!!

The Knicks were set to cut ties with Lin on Tuesday night, according to a person briefed on the decision, ending a brief, spectacular and now-bittersweet love affair between Lin, a 23-year-old point guard, and an adoring fan base. Lin will play next season for the Houston Rockets, who signed him to a three-year, $25.1 million offer sheet that the Knicks elected not to match.

The Knicks did not immediately announce their decision Tuesday night, but they conveyed their intentions to Lin sometime after 10 p.m., a person with knowledge of the conversation said. By rule, the Knicks had until 11:59 p.m. Eastern to match the offer or let Lin walk.

The final decision rested with James L. Dolan, the Madison Square Garden chairman, and Dolan was the only one who could reverse it as the final hours ticked away Tuesday. But there was no indication he would.

“It is done,” one person briefed on the matter said in the late afternoon.

The decision was said to be financial, not emotional. Lin’s contract contains a third-year balloon payment of $14.9 million, which would have cost the Knicks another $35 million or more in luxury-tax penalties. This so-called poison pill was devised by the Rockets to dissuade the Knicks from matching, and it proved effective.

Jeremy Lin is heading to Houston, leaving the bright lights of Broadway and a legion of heartbroken Knicks fans behind. Linsanity, the exhilarating rush sparked by Lin’s meteoric rise to fame, is over, at least in New York.

NYTIMES.COM

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