With the deadline to match the Rockets' offer sheet to Jeremy Lin coming Tuesday evening at 11:59 p.m., the Knicks announced they have acquired Raymond Felton via sign-and-trade with the Portland Trail Blazers on Monday afternoon.
The Knicks also receive one-time Knicks forward Kurt Thomas, the oldest active player in the NBA, in exchange for Jared Jeffries, Dan Gadzuric, the draft rights to Kostas Popanikolaou and Giorgos Printezis, and a protected future second-round pick.
Felton's contract with the Knicks will be for three years and approximately $10 million. This will be the former University of North Carolina star's second stint with the Knicks. He averaged 17.1 points and 9.0 assists with the Knicks during the 2010-11 season and flourished with Amar'e Stoudemire in the pick-and-roll before being traded as part of the Carmelo Anthony blockbuster on Feb. 22, 2011.
As a decision on Lin and his three-year, back-loaded $25.1 million offer sheet looms, the Knicks now have three point guards on the roster with Felton, free agent acquisition Jason Kidd and another free agent in 35-year old Argentinian rookie Pablo Prigioni.
For his career, Felton is averaging 13.4 points and 6.7 assists in seven seasons with the Charlotte Bobcats, Knicks, Denver Nuggets and Trail Blazers.
Thomas averaged 3.0 points and 3.5 rebounds in 53 games for the Trail Blazers. His last stint with the Knicks came from 1998-2005, which included the team's improbable run to the NBA Finals as the No. 8 seed in the Eastern Conference in 1999.
Thomas is 19th on the Knicks' all-time scoring list, eighth in rebounds, fourth in blocked shots and 11th in point-rebound double-doubles. He is one of only 17 players to have appeared in at least 500 games for the Knicks.