Last night, news surfaced that the New York Knicks and Toronto Raptors had agreed to a deal that would send former number one overall pick, Andrea Bargnani, to the New York Knicks for Steve Novak, Marcus Camby, a first round pick and two second round selections. After the two teams agreed to the deal, though, the NBA did not approve it.
Basically, the two teams were unable to finalize the framework before the clock hit July 1, meaning a new NBA fiscal year. With the new year came new salary numbers; numbers that increased Bargnani’s salary by $750,000 and decreased Novak/Camby’s combined salary by ~$500,000. As you know, the Knicks are capped out, meaning they can only receive 110% of the salary they send out in a trade. Given the new numbers, the Knicks would have to include another minimum salary player, if they were to complete the deal.
Unfortunately, the Knicks cut high-flying, James White, on Saturday, so his contract could not be used in a trade. Given that, there was some initial chatter that Pablo Prigioni or Kenyon Martin Jr. would be the player included in the deal, but, luckily, K-Mart had no desire to be traded and Pablo is too valuable.
Finally, it appears, the Knicks were able to sign Quentin Richardson to a three year deal, with just the first year paying Q-Rich a guaranteed salary. With Richardson’s okay – and there’s no reason for him to say no – the deal will go through on July 10th, when the NBA moratorium ends. For those wondering why, the NBA’s audit takes place right about now, and the salary cap numbers cannot be computed until after the league audit. Furthermore, no transactions can, officially, take place until there is a salary cap in place.
Well, it’s been a hectic 24 hours for Knicks fans. Much, much more hectic than I imagined. It looks like we’ll be welcoming Andrea Bargnani to New York in just over a week’s time.