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Knicks to match Rockets’ offer, retain Lin
Posted By HOOPSWORLD On July 11, 2012 @ 11:00 am In All,Wirenews | Comments Disabled
The Knicks plan to keep Linsanity going at Madison Square Garden.
The Knicks are set to match the Houston Rockets’ four-year, $28.8 million offer to restricted free agent Jeremy Lin, retaining the point guard for at least the next three seasons.
The Knicks said they would match any offer Lin receives to keep him, even after bringing veteran Jason Kidd in on a free-agent deal.
The structure of the offer sheet from the Rockets will be retained, meaning the Knicks will pay Lin $5 million in the first year of the contract, and $5.2 million in the second. His salary jumps to $9.3 million in each of the final two years, with the Knicks holding an option in the fourth year.
By back-loading the contract, the Rockets were hoping to discourage the Knicks from matching the offer, because a more severe luxury tax goes into effect in 2014.
The Rockets had waived Lin during training camp last year, partly because of the presence of Kyle Lowry. However, the Rockets agreed to deal Lowry to the Raptors on the same day they signed Lin to an offer sheet.
Lin averaged 14.6 points and 6.2 assists for the Knicks last season before a knee injury ended his season in March.
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