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[Saba Sports News] The New York Knicks are shelling out big money to bring Karl-Anthony Towns on board.
The NBA officially announced the blockbuster trade on Wednesday, which sends Towns from the Minnesota Timberwolves to New York in exchange for a package centered around Julius Randle.
This deal is costing the Knicks significantly: a $9.4 million payroll increase, cash sent to the Charlotte Hornets, and Randle’s trade bonus payout.
Towns’ addition will also hike up the Knicks’ luxury tax bill by nearly $24 million, totaling about $45 million this season.
While James Dolan may be a controversial owner, he’s clearly willing to spend. Meanwhile, the Timberwolves benefit from considerable financial relief, reflecting the market size difference between Minnesota and New York.