Jul 23, 2011, 9:28 AM EDT
The Knicks went from being a money-burning loser to a cost-effective playoff team with two superstars in just a few years under Donnie Walsh. How cost effective? They brought in a second superstar last season in Carmelo Anthony after paying through the nose for Amar’e Stoudemire, and they still dodged the luxury tax. From the New York Post:
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.
Naturally Donnie Walsh stepped down after the season because James Dolan wanted more of a commitment from him and they’re still searching for a replacement, but really, things are great!
It’s still pretty notable what has been done to the Knicks. The Knicks used to overpay for a terrible team and now they underpay for a playoff contender, even if they’re not going anywhere without plunking down serious money for a supporting cash. Then again, there’s no telling if the new salary cap will allow them to spend. That’s got to be a concern in these CBA talks for owners like Dolan or the Heat’s Arison. They need to maintain the ability to spend around their superstar players. The Knicks were under the luxury tap this year, which is great for them. But if they want to take a step forward, they need upgrades, which won’t be possible without any room under the new cap.
Unless they rollback salaries. And then things get more and more complicated.
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