Knicks GM: Letting Jeremy Lin go was based on finances

Point guard Jeremy Lin will be wearing a Houston Rockets uniform this season because the New York Knicks did not want to match the Rockets 3-year, $25 million offer. (Bill Baptist/Getty Images)

The New York Knicks let popular point guard Jeremy Lin go to the Houston Rockets via free agency based on one reason: finances, reports ESPN.com.

"Basically, it comes down to the fact that Houston made a commitment to him that we weren't prepared to make," Knicks general manager Glen Grunwald said. "But I'm very happy for Jeremy that things worked out for him personally and for his family and I wish him the best."

Lin eventually signed a 3-year, $25.1 million offer sheet from the Rockets in July. The deal includes a $14.8 million payment in the third year.

The Knicks instead brought in veteran point guards Raymond Felton and Jason Kidd. Felton shot just 41 percent last season while averaging 11.5 points and 6.5 assists a game.

"I was out of shape when we first went there," Felton said. "I'm in shape now, ready to go and I've got a big, big chip on my shoulder. So I look forward to this season and I'm definitely happy to be back in this New York Knicks jersey."