After several hours of talks on Monday, Amar’e Stoudemire(notes) and the New York Knicks are on the brink of completing a five-year contract worth nearly $100 million, a source close to process told Y! Sports.
The Knicks and agent Happy Walters have worked out the contractual language, a source said, and Stoudemire has a 4 p.m. meeting with Knicks owner Jim Dolan. The Knicks are expected to make a more formal presentation to the All-Star forward at the meeting.
Stoudemire became the Knicks primary power forward target on Friday, but the team is still trying to recruit LeBron James(notes) to join him on the Knicks.
Stoudemire has had a whirlwind weekend in New York City, attending a Broadway play, a Yankees game and a Fourth of July party at Dolan’s estate in the Hamptons.
[pic - click to view] Stoudemire finalizing Knicks deal - NBA - Yahoo! Sports
Stoudemire agrees to five-year deal with Knicks
By David Aldridge, TNT analyst
Posted Jul 5 2010 5:39PM - Updated Jul 5 2010 6:05PM
The New York Knicks finally got a return on their two years of self-induced misery on Monday, finishing up the final touches on a five-year contract for Phoenix Suns free agent forward Amar'e Stoudemire that is expected to be worth around $100 million. A source indicates a formal announcement from Stoudemire should be forthcoming within the hour at Madison Square Garden.
Stoudemire and the Knicks quickly found each other last week, each in need of a soft landing place. The 27-year-old Stoudemire was looking for a team that still believed he could be a dominant player in the next few years, despite concerns about his knees and his eyes following serious injuries to each. And the Knicks, who'd sold their fans for the last two years that they'd be a major player in free agency this summer, able to lure the likes of LeBron James, Dwyane Wade and Chris Bosh, were desperate for a splashy acquisition that would give fans hope and add to their depleted roster.
Stoudemire chafed at constant trade rumors involving him the last two years, but after helping lead Phoenix to the Western Conference finals, he still negotiated with the Suns when the free agent negotiating period began last week. But after he and the Suns could not reach agreement on a new deal -- Phoenix was unwilling to give him five guaranteed years on a new contract, preferrring team options in the last two years of a deal -- the Suns quickly moved on, agreeing to terms with free agent forward Hakim Warrick on a four-year, $18 million deal and agreeing on a new contract with their own free agent forward, Channing Frye, for five years and $30 million.
Stoudemire spent the Fourth of July weekend in New York, ending up at a party in the Hamptons with his agent, Happy Walters, at the home of Knicks owner James Dolan on Sunday night. After the two sides commenced official negotiations Monday it did not take long for New York to make its offer and for Stoudemire to accept, with a final meeting Monday afternoon between Stoudemire and the team's ownership group, led by Dolan, making it official.
What Stoudemire brings in terms of production (career averages of 21.4 points and 8.9 rebounds) isn't that much different than what New York got last season from David Lee, the 26-year-old free agent forward who finished second in the league in rebounds last season and averaged 20 and 11 in Mike D'Antoni's system last season. Neither is known for his defense, either. But Stoudemire brings a star power that the Knicks have lacked for almost a decade, since the end of the Patrick Ewing era. And he provides an anchor from which the team can try to lure other premier free agents.
Stoudemire said over the weekend that he thought he could lure both Nuggets forward Carmelo Anthony and Spurs guard Tony Parker to New York, though both are currently under contract to their respective teams for another year. But a Spurs source said on Sunday that San Antonio has no interest in trading Parker to the Knicks in any kind of package involving Lee, the only significant chip the Knicks have left to use in a potential deal.
Yahoo! Sports first reported that the two sides had formally discussed an offer and that Stoudemire was meeting with Dolan on Monday.
The deal cannot be finalized until July 8, when free agents can sign with teams.
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NBA.com: Stoudemire agrees to five-year deal with Knicks