The New York Knicks have agreed to a sign-and-trade deal with the Portland Trail Blazers that will bring point guard Raymond Felton and center Kurt Thomas to New York in exchange for center Dan Gadzuric and forward Jared Jeffries, league sources confirmed Saturday night.
Portland Trail Blazers
The deal, for three years and $10 million according to USA Today, raises the possibility the Knicks will not match the offer sheet Jeremy Lin signed with the Houston Rockets earlier this week.
A source close to the process told ESPN.com's Marc Stein the Knicks officially received the offer sheet Saturday night, meaning they have until 11:59 p.m. ET Tuesday to match it or let Lin go to the Rockets.
Earlier, a source close to the Lin talks said Houston had been unsuccessful in several attempts to deliver the offer sheet to Knicks general manager Glen Grunwald.
League rules say the offer sheet must be physically delivered.
Read the rest of the story, here.