his Feb. 24, 2012 file photo shows New York Knicks' Jeremy Lin laughing during warmups before the start of the NBA All-Star Rising Stars Challenge basketball game in Orlando, Fla. AP FILE PHOTO
NEW YORK – The New York Knicks confirmed Tuesday they will not match Houston’s offer for Jeremy Lin, allowing the hugely popular point guard who spawned “Lin-sanity” to leave for the Rockets.
The Knicks announced their decision less than two hours before a midnight deadline, and several hours after the New York Times reported the decision had been made.
“Extremely excited and honored to be a Houston Rocket again!!” Lin said on Twitter.
The then-unknown was cut by the Rockets and picked up by the Knicks last season — shooting to prominence when injuries to two starters allowed him a chance to come off New York’s bench.
Lin responded by sparking a seven-game Knicks winning streak, thrilling New York fans with clutch shooting and passing skills.
Lin, whose parents are from Taiwan, also has a grandmother from China and quickly became a global sensation.
His fate had been the subject of intense speculation since he became a restricted free agent this month. He inked a $25 million offer sheet with the Rockets, but the Knicks had the option of matching it until midnight Tuesday.
The Knicks had vowed to match any offer Lin received. But the Rockets’ offer included a $14.9 million scheduled payment for the third year, which would have cost the Knicks a hefty sum in luxury-tax penalties on excessive salaries.