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Saturday, July 23rd, 2011 at 10:40 am  |  12 responses

Report: Knicks Avoid Luxury Tax


The NY Post reports that New York did not pay a luxury tax for the first season since 1999—another reason why Donnie Walsh deserves much credit for his work as Knicks GM: “Give former Knicks president Donnie Walsh a pat on the back. The NBA announced yesterday its audit for the 2010-11 season is complete and, according to a person familiar with the situation, the Knicks did not pay a luxury tax for the first time since the now-expired collective bargaining agreement was reached in 1999. According to a person debriefed on the audit, the Knicks 2010-11 payroll finished over the salary cap following the Carmelo Anthony bonanza, but finished at $67 million — $3 million less than the luxury-tax threshold. During the Isiah Thomas and Scott Layden years, the Knicks paid a dollar-for-dollar luxury tax of $24-30 million annually, when their payroll skied above $100 million, leading to Walsh’s hiring and his massive cap-cutting. A source said the three luxury-tax victims were the Lakers, Orlando and the NBA champion Mavericks, each paying around $20 million.”

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  • MikeC.

    Word to D Walsh.

  • slamfan4life

    Daamn

  • O

    We only payed 3 players last season. Stat, Melo and La Schmoove. We traded everyone we did pay for Melo and were left with a bench filled with orphans.

  • http://cnbc.com JTaylor21

    Who the hell is we?

  • Thijsie

    wondering how happy the fans in Orlando are…

  • Harlem_World

    We, the people…

  • http://slamonline.com Ugh

    Here’s the thing I don’t get – how are NY and Miami going to afford ANYONE with a hard cap after stupid decisions like what they’re paying only three players?

  • MikeC.

    @Ugh – there’s talk of current contracts being grandfathered in, or a percentage of those contracts counting against the cap. Otherwise we’d end up seeing some pretty sweet 3-on-3 halfcourt games. Melo, Stat and Toney vs Lebron, Wade and Bosh. Pierce, Ray and KG vs Rose, Booz and Noah. It would be like NBA Street.

  • Matt Park

    ^hahahahaha

  • RunNGun

    LOL @ MikeC … @Ugh you gotta lay off video games.

  • RunNGun

    Too bad the Knicks let him go and will bring Isaiah “Franchise Killer” Thomas back. Can’t use the “Make it happen, Walsh!” one-liner anymore.

  • LA Huey

    “decisions like what they’re paying only three players?” Well, one team’s stupid decision resulted in them being only two games short of the chip.

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