The news is no surprise to those following the drama. Jeremy Lin is no longer a New York Knick as the team made it official that they would not match the offer set by the Houston Rockets.
For the past couple of days fans and players began doubting the possibility that Lin would be resigned.
Had they signed the point guard, the Knicks would face heavy sanctions penalizing them for exceeding the cap.
Of course, the Knicks do not want to continue making the same mistakes when they signed high profile players that struggled to perform and had the organization in disarray.
New York will say good bye to the kid that had the streets of midtown Manhattan buzzing. Almost an overnight sensation, Linsanity transcended New York sports and become a worldwide sensation. It was a story of perseverance and dedication.
The Houston Rockets' offer of four years for $28.8 million was supposed to only be a price tag on Lin. Its purpose was to serve as an indication of what Lin was worth on the market.
The Rockets renegotiated the contract and reduced it to three years and $25 million with a heavy load of money coming in the final year of the contract.
This in turn made the Knicks turn away.
Analysts understood where the Knicks were coming from as the financing did not favor the team, however, fans will be pretty upset to find their young star playing in a red and white jersey in 2013.
Lin averaged 14.6 points and 6.2 assists in the 25 games he started for the New York Knicks.
