NEW YORK — Jim Dolan’s big fat wallet will be of no use to the Knicks until next July.
The Knicks sent $3 million to the Washington Wizards as part of today’s three-team trade to acquire Tyson Chandler, meaning they don’t have any more money to spend in trades this season — and they might not have any draft picks in June.
A new rule in the recently ratified collective bargaining agreement limits the amount of money a team can trade in any given season, and the Knicks have already reached that $3 million limit.
So there will be no opportunity to buy any additional picks on draft night, as New York did last June when they purchased the 45th pick from New Orleans and selected Josh Harrellson, or as they did in 2010 when they paid the Milwaukee Bucks $1 million for the draft rights to Jerome Jordan, the 44th pick.
The Knicks’ 2012 second-round pick was sent to Phoenix in the sign-and-trade deal for Amare Stoudemire, but it is Top 55 protected – meaning the Knicks will keep it if they do not finish with one of the five best records in the NBA.
The first-round pick for 2012 was sent to the Houston Rockets in the Jared Jeffries salary dump two Februarys ago when they acquired Tracy McGrady.