acquire three-time All-Star G Francis from Magic
February 22, 2006
ORLANDO, Florida (Ticker) - The New York Knicks own the second-worst record in the NBA. Now they own the most expensive backcourt in NBA history.
The Knicks acquired three-time All-Star guard Steve Francis from the Orlando Magic for forward Trevor Ariza and the expiring contract of swingman Penny Hardaway on Wednesday.
The deal was made one day before the trade deadline.
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Francis, who turned 29 on Tuesday, has three years and $48.5 million left on his contract after this season. But it doesn't seem to matter to the Knicks, who have the league's highest payroll and will be well over the salary cap through the 2008-09 season.
With Stephon Marbury under contract for $16.4 million this season, the Knicks now have the highest-paid guard tandem in league history. Francis' salary for this season is $13.7 million.
In 2006-07, Francis' salary will rise to $15 million. Marbury's salary escalates to $18 million and the Knicks still must count $20 million against the cap for retired shooting guard Allan Houston. Once recently acquired swingman Jalen Rose exercises his option, the Knicks will be required to pay him $16 million in 2006-07 season.
"This is a trade that we all feel makes us a better basketball team for both now and in the future," Knicks president of basketball operations Isiah Thomas said. "In Steve, we add an all-star caliber player to our team without giving up core assets that are key to our future."
Thomas was adamant about not parting with forward Channing Frye, the team's first-round pick in 2005. But he once again added a heap of money to a monstrous payroll.
Reckless spending hasn't helped the Knicks, who are in last place in the Atlantic Division with a record of 15-37. Only the Charlotte Bobcats, who are in the second year of their existence, have a worse record at 14-40.
For the Magic, this deal provides major cap relief since Hardaway's $15.7 million salary comes off the books after this season and they are off the hook for the remainder of Francis' contract.
Often-injured forward Grant Hill is scheduled to make $16 million in 2006-07, but that is Orlando's only exorbitant contract. The departure of Francis gives the Magic the ability to sign an attractive free agent to pair with 20-year-old power forward Dwight Smith, the No. 1 overall pick in the 2004 draft.
Last week, the Pistons acquired forward Darko Milicic and guard Carlos Arroyo from the Detroit Pistons.
"The moves we made today and last week continue to build a solid foundation around our core players, such as Dwight Howard and Jameer Nelson," Magic assistant general manager Otis Smith said. "In addition, this particular deal has allowed us to gain significant salary cap flexibility in the future."
Francis was acquired by the Magic in the deal that sent All-Star Tracy McGrady to the Houston Rockets in June 2004. Last season, Francis averaged a team-best 21.3 points and career-high 7.0 assists for Orlando.
However, Francis has slipped to 16.2 points and 5.7 assists in 46 games this season and is also averaging 3.4 turnovers. Now he must share the ball with Marbury, who will likely move over to shooting guard to accomodate Francis.
"Acquiring a player of Steve's level and talent is very exciting for this team," said Knicks coach Larry Brown, who has a five-year contract worth more than $50 million. "In Steve, we have added a veteran that could help us in many areas, and assist with our young players' development."
The 6-3 Francis has recorded 20-plus points 14 times and 30-plus twice, including a season-high 36 on January 27 at New York.
The second overall pick in the 1999 draft, Francis had career averages of 19.4 points, 6.4 assists and 6.0 rebounds in 498 career games. He was the NBA's Co-Rookie of the Year and was selected to start three consecutive All-Star Games from 2002-04.
Updated on Wednesday, Feb 22, 2006 3:35 pm EST
