(NEW YORK) — Linsanity is headed to Texas. The New York Knicks officially announced Tuesday night that they would not match the Houston Rockets three-year, $25 million offer sheet for restricted free agent Jeremy Lin, sending Lin to the Rockets.
At one point the sources were saying that the Knicks would match any offer up to a billion dollars, but things changed.
“Reality set in,” ESPN NBA Insider J.A. Adande said on why the Knicks didn’t match the offer. “The concept of a billion is one thing, but the practicality of say a $40 million tax bill when you factor in the luxury tax plus that $15 million he was owed in the third year of the contract proposal. That ultimately became too much for a guy who only had 25 starts for them.”
The 23-year-old Lin played in two pre-season games for the Rockets last year, before he was let go.
Copyright 2012 ABC News Radio
Lois M. Collins, Deseret News