New York Knicks Officially Announce Raymond Felton Deal, Will Likely Release Jeremy Lin

New York, NY – The New York Knicks on Monday announced the acquisition of point guard Raymond Felton, a sign-and-trade deal with the Portland Trail Blazers that likely means Jeremy Lin will be released to the Houston Rockets.

Lin was given a three-year, $25.1 million offer sheet from the Houston Rockets and the Knicks have until 11:59 p.m on Tuesday night to match the Rockets offer sheet or Lin will be released.

In comparison Felton only costs the New York Knicks $10 million over the same three-year period.

The biggest contention for the Knicks was Lin’s third year which would cost them $14.8 million and subject the team to a luxury tax which would push the total Lin investment to $43 million in 2014-2015.

As it stands Lin is set to earn $5 million in his first year, $5.225 million in his second year and $14.8 million in his third year.

To acquire Raymond Felton and former Knick Kurt Thomas the team gave up Jared Jeffries and Dan Gazuric. Also included in the trade was Kostas Papanikolaou, the Knicks second-round draft pick in 2012. New York also parted ways with Giorgos Printezis and a protected future second-round draft pick.

While playing for the New York Knicks in 2010-2011 Felton averaged 17.1 points and 9.0 assists over 54 games. New York eventually included Felton in a trade for Carmelo Anthony.

With Raymond Felton starting at the point guard position and Jason Kidd coming in as veteran talent it is expected Lin will be released.

The move to pass on Lin would go against Knicks coach Mike Woodson’s comments last week in which he said the team would match any offer made to their breakout point guard from Harvard.

An undrafted player out of Harvard university Jeremy Lin last season earned just $700,000.

Felton last season wasn’t quite as impressive as Jeremy Lin, posting career low numbers of 11.4 points per game with a shooting percentage of 40.7.