Top > Sport > 2006 > November > 2006-11-01

The Knicks waive Jalen Rose

The New York Knicks have waived the most expensive player on the team on Monday. Jalen rose agreed to have his contract bought out, for slightly less than the $16.9 million he was owed for the next two seasons. The deal would cost the Knicks around $30 million, but is nevertheless a step towards fiscal sanity for a team that had its payroll skyrocket under Isiah Thomas`s management.

The Knicks have bought out other contracts in the past several months. First was the deal struck with team coach Larry Brown, which is still being resolved at the NBA commissioner`s office, and then a month ago, the Knicks bought out Maurice Taylor, a move that cost them about $14 million.

The Knicks? payroll was the highest in the league last season, at $122 million. It is more than double the salary cap, set at $53 million, or the luxury tax limit of $65.4 million. Thomas now hopes that his financial moves, lowering the payroll, will be accompanied with better basketball performances. The team is coming off five straight losing seasons, and Thomas`s job is on the line unless they show improvement.