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How Much Money Did it Cost the New York Knicks to Acquire Karl-Anthony Towns? Find Out
Karl-Anthony Towns was a part of the blockbuster trade between the New York Knicks and Minnesota Timberwolves. Let's find out the cost of acquisition for the New York Knicks.
Karl-Anthony Towns is being acquired by the New York Knicks at a high financial cost. The massive trade, which sends Towns from the Minnesota Timberwolves to New York for a package led by Julius Randle, was formally announced by the NBA on Wednesday. The Timberwolves were motivated to close the deal for financial reasons, as evidenced by the amount the Knicks had to pay.
The Knicks had to repay Randle's trade bonus in addition to sending money to the Charlotte Hornets and increasing payroll by $9.4 million. Towns' addition will result in a nearly $24 million increase in the Knicks' luxury tax liability. Towns' addition will set the Knicks back about $45 million for the entire season.
The Knicks deserve praise for not backing down in the face of a sizable expense. Despite his contentious reputation, owner James Dolan is not afraid to spend money. Conversely, the agreement provides the Timberwolves with significant financial relief. The disparity in market sizes between Minnesota and New York is significant, as evidenced by this.
When the Knicks acquired four-time All-Star Karl-Anthony Towns from the Timberwolves, it made headlines. However, they needed a different team to make it happen because both teams were severely constrained by the salary cap.
The Charlotte Hornets ended up being the third team. To make the Towns trade possible, the Hornets are anticipated to get a sizable haul, as reported by ESPN's Bobby Marks. Towns and James Nnaji's draft rights will go to the Knicks, while Julius Randle, Donte DiVincenzo, Keita Bates-Diop, and a protected first-round pick of the Detroit Pistons will go to the Timberwolves.
Three Knicks players, DaQuon Jeffries, Charlie Brown Jr., and Duane Washington, will have their contracts taken on by the Hornets via sign-and-trade in order to even out the deal. Charlotte will receive $7.2 million in cash as well as three second-round selections in exchange.
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