Free-Agent Buzz (UPDATE)
Posted on: July 8, 2010 12:17 am
Edited on: July 8, 2010 12:50 am
In anticipation of LeBron James' free-agent decision, stock in Madison Square Garden Inc. jumped 6.4 percent to $21.57 per share on five times the normal trading volume Wednesday. If only James could capture some of that value as part of signing with the Knicks.
Well, despite a Forbes Magazine report last month that James could pull off such a coup, he can't. Please return to your regularly scheduled free-agent absurdity.
The Warriors and Knicks are in advanced talks about a sign-and-trade arrangement that would send free-agent power forward David Lee to the Bay Area for Anthony Randolph and Ronny Turiaf, two people involved in the talks confirmed to CBSSports.com. The trade is being set up as a contingency plan for the Knicks if James chooses to sign with another team Thursday. If James chooses to sign with the Knicks, they will have to renounced his rights -- and thus the rights to sign and trade him under the Larry Bird exception -- in order to clear the necessary salary cap space. Lee's agent, Mark Bartelstein, also is believed to have maintained contact with the Nets, who are in danger of getting shut out in the free-agent chase. But the Golden State scenario for Lee has legs, to an extent.
"It's got legs," one of the people involved in the talks said. "But it needs arms, a torso and a head."
The Knicks, who like other teams in the hunt for James have no clue what he's going to announce Thursday, are exploring other scenarios in which they re-sign Lee -- although Lee is believed to be ready to move on. If James says no to the Knicks, and team president Donnie Walsh orchestrates the Lee trade, then Randolph and Turiaf will go down in ignominy as the players the Knicks got instead of LeBron. If nothing else, that would take some pressure off Amar'e Stoudemire, who will be introduced Thursday in a news conference at MSG.
After Ray Allen agreed to a two-year, $20 million deal to return to the Celtics Wednesday, with a player's option on the second year, Boston continued to explore acquiring a big man to fortify the frontcourt while center Kendrick Perkins is out with a knee injury suffered in the NBA Finals. A person familiar with the Celtics' plans said they were in discussions with free agent Jermaine O'Neal, who also was talking with the Nuggets and Mavericks.