Knicks Pick up $14.2M Contract option on Chauncey Billups for 2011-2012 Season.The Knicks had until Friday to pick up the option or pay Billups a $3.7 million buyout.
“Chauncey, Amare [Stoudemire] and Chauncey [Billups] are a great nucleus, as we continue to look to improve our team going into the offseason,” Knicks president of basketball operation Donnie Walsh said in a statement. “Chauncey is an extremely talented and experienced point guard — we are very happy to have him back.”
The 13-year veteran missed three of the Knicks’ four playoff games, all losses, to the Boston Celtics after straining a knee tendon late in Game 1 of their Eastern Conference first-round series.
Billups played 21 regular-season games with the Knicks this season after coming over from the Denver Nuggets in the Carmelo Anthony trade. He averaged 17.5 points and 5.5 assists for New York.
The Knicks had no immediate word on Walsh, who also has an option on his contract. According to multiple media reports, the team has until the end of the month to pick it up or let him go. There has also been talk of a multiyear extension. Walsh was expected to meet with Madison Square Garden chairman James Dolan this week.
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