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Phil Jackson: Knicks will be more 'fiscally responsible'

Phil Jackson: Knicks will be more 'fiscally responsible' Photo:

New York Knicks team president Phil Jackson said he wants the organization to be "fiscally responsible" moving forward, Newsday's Al Iannazzone reports.

After re-signing star Carmelo Anthony to a reported five-year, $122 million contract over the weekend, Jackson said he wants to spend wisely in the future as the team has exceeded the luxury tax regularly for the past decade.

While in Las Vegas for summer league action, Jackson told reporters about his strategy:

"We've been a taxpayer team for a little bit and we want to limit that. So we're not just going to foolishly throw money away because it's available to us to load up. We want to make an appropriate move that brings our team forward."

The Knicks will have significant cap space in the summer of 2015 when the contracts of Amar'e Stoudemire ($23 million) and Andrea Bargnani ($12 million) expire.

MORE NBA COVERAGE: Carmelo Anthony re-signs with Knicks despite lure of Chicago | NBA free agency: Assessing latest signings and potential moves

- Paul Palladino

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