Knicks · Spears reporting that Amare gave back almost 2 million in buyout. (page 1)

Marc J. Spears: Ex-Knicks forward Amar'e Stoudemire gave back close to $2 million in his buyout of the final year of his contract, a source told Yahoo. Twitter @SpearsNBAYahoo - See more at: http://hoopshype.com/rumors/tag/new_york_knicks#sthash.uOG3loeY.dpuf

it was $97mil

so we are still waiting for the other $95mil

Like Melo, he is very gracious

CrushAlot wrote:It is significant though in regards to the luxury tax. I believe the Knicks would have had to pay $2.75 on each dollar of that 2 million if I understand Coon's stuff correctly.

So then that means Dolan ended spending almost $275 mil in lottery taxes on his $100 mil contract (or 97 mil as Guns is saying)?

Bonn1997 wrote:

CrushAlot wrote:It is significant though in regards to the luxury tax. I believe the Knicks would have had to pay $2.75 on each dollar of that 2 million if I understand Coon's stuff correctly.

So then that means Dolan ended spending almost $275 mil in lottery taxes on his $100 mil contract (or 97 mil as Guns is saying)? And Melo is almost $300 mil in luxury tax?

gunsnewing wrote:as long as he saved the $2mil and a couple extra dollars in luxury taxes

Bonn1997 wrote:

CrushAlot wrote:It is significant though in regards to the luxury tax. I believe the Knicks would have had to pay $2.75 on each dollar of that 2 million if I understand Coon's stuff correctly.

So then that means Dolan ended spending almost $275 mil in lottery taxes on his $100 mil contract (or 97 mil as Guns is saying)?

wow Amare cost Dolan $375,000,000

wow wow wow

gunsnewing wrote:

Bonn1997 wrote:

CrushAlot wrote:It is significant though in regards to the luxury tax. I believe the Knicks would have had to pay $2.75 on each dollar of that 2 million if I understand Coon's stuff correctly.

So then that means Dolan ended spending almost $275 mil in lottery taxes on his $100 mil contract (or 97 mil as Guns is saying)?

wow Amare cost Dolan $375,000,000

wow wow wow

Just want to mention that Donnie Walsh don't get to decide this kind of money!!!!!!

So anyone want to point fingers, point it at the man who writes the check!!!!! He's the one who makes the decisions.
Going forward, Phil is driving this bus. If he drives it off the cliff, then its on him.

gunsnewing wrote:

Bonn1997 wrote:

CrushAlot wrote:It is significant though in regards to the luxury tax. I believe the Knicks would have had to pay $2.75 on each dollar of that 2 million if I understand Coon's stuff correctly.

So then that means Dolan ended spending almost $275 mil in lottery taxes on his $100 mil contract (or 97 mil as Guns is saying)?

wow Amare cost Dolan $375,000,000

wow wow wow

That money goes to other teams correct??

Bonn1997 wrote:We're still waiting for the other $98 mil back

the contract was inequitable but I do think signing him elevated the stature of the Knicks for a brief period.

contract was a bust but I can think of several other ones that were far worse.

when Amar'e hit that three against Boston that got waived off -- haven't been that excited about hoops in a while.

newyorknewyork wrote:

gunsnewing wrote:

Bonn1997 wrote:

CrushAlot wrote:It is significant though in regards to the luxury tax. I believe the Knicks would have had to pay $2.75 on each dollar of that 2 million if I understand Coon's stuff correctly.

So then that means Dolan ended spending almost $275 mil in lottery taxes on his $100 mil contract (or 97 mil as Guns is saying)?

wow Amare cost Dolan $375,000,000

wow wow wow

That money goes to other teams correct??

yes

I think Crush is off though

Only the money over the cap gets taxed at $2.75 for every $1 not Amare's entire $100mil contract

so the savings by cutting Amare are really insignificant and not the reason he was cut. Not even slightly

SupremeCommander wrote:

Bonn1997 wrote:We're still waiting for the other $98 mil back

the contract was inequitable but I do think signing him elevated the stature of the Knicks for a brief period.

contract was a bust but I can think of several other ones that were far worse.

when Amar'e hit that three against Boston that got waived off -- haven't been that excited about hoops in a while.

I still blame the coaching staff for not having the refs check the time left on the clock. Should have had a few more tenths of a second on there, basket should have been good!

MaTT4281 wrote:

SupremeCommander wrote:

Bonn1997 wrote:We're still waiting for the other $98 mil back

the contract was inequitable but I do think signing him elevated the stature of the Knicks for a brief period.

contract was a bust but I can think of several other ones that were far worse.

when Amar'e hit that three against Boston that got waived off -- haven't been that excited about hoops in a while.

I still blame the coaching staff for not having the refs check the time left on the clock. Should have had a few more tenths of a second on there, basket should have been good!

completely agree... still bullshit regardless of coaching though!

Bonn1997 wrote:We're still waiting for the other $98 mil back

To his credit, he earned every single penny of his first season salary though, but yeah we are waiting for that other 78 mil though :P

KEEPCAMBYNY wrote:

Bonn1997 wrote:We're still waiting for the other $98 mil back

To his credit, he earned every single penny of his first season salary though, but yeah we are waiting for that other 78 mil though :P

True true

In this case, this hardly effects the team besides having an open roster spot. Amar'e shouldn't havs given anything.

Allanfan20 wrote:That was very kind of Amar'e considering he shouldn't have given back a dime. The Knicks knew full well what they got into when they gave him the contract. It's also not like Amar'e dogged it.

In this case, this hardly effects the team besides having an open roster spot. Amar'e shouldn't havs given anything.

What, they should have just let him go?
He bought his way out of here after 1/2 the season was over so he can try and win what would be a pretty fake ring.

I only wish we could get cap room also in those deals & I'd buy the whole team out & start from scratch.

Allanfan20 wrote:That was very kind of Amar'e considering he shouldn't have given back a dime. The Knicks knew full well what they got into when they gave him the contract. It's also not like Amar'e dogged it.

In this case, this hardly effects the team besides having an open roster spot. Amar'e shouldn't havs given anything.