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Knicks watch Miami as Riley clears cap space

Attention Knicks fans: Keep a watchful eye on what Pat Riley does today. It could have a profound impact on New York's chances of landing LeBron James this summer.

A day after essentially sacrificing Daequan Cook and the No. 19 pick in tonight's draft in a trade with Oklahoma City that cleared $3.4 million in salary cap room, Riley today was in the midst of negotiating a buyout with James Jones while also trying to find a taker for Michael Beasley.

His goal: To clear enough cap space to make a run at the threesome of James, Dwyane Wade and Chris Bosh as the cornerstones of the "dynasty" he alluded to in comments he made publicly and to season-ticket holders this spring.

Here is a link to the news story I filed this morning detailing Riley's machinations.

I'll keep you further posted in this blog throughout the day as developments warrant.