NEW YORK (Ticker) - New York Knicks sweet-shooting guard Allan Houston, whose knee problems and long-term contract created a league rule named after him, retired Monday.
Houston, 34, had played in just 70 games over the last two seasons as a result of an arthritic left knee that did not respond to surgery and treatment. After playing just 20 games last season, he vowed to return to action this season but could not.
"My career as an NBA player and member of the New York Knicks must unfortunately come to an end," Houston said in a statement. "Over the last two years, I have done everything I could possibly do to get back on the court, but injuries to my knee would not allow me to do it."
As the face of the franchise at the time, Houston was signed to a six-year, $100 million contract in August 2001. He is still owed nearly $40 million through 2007, including $19.125 million this season.
As part of the new collective bargaining agreement, teams were allowed this summer to waive one player whose salary would not count against luxury tax computations. It was called the "Amnesty Rule" but became known as the "Allan Houston Rule."
However, the Knicks were hopeful that Houston could return and instead waived forward Jerome Williams, saving approximately $20 million in luxury tax payments over the next three years.
The team must still pay Houston, whose contract reportedly is insured and whose salary comes off the salary cap next year.
Houston, 34, had played in just 70 games over the last two seasons as a result of an arthritic left knee that did not respond to surgery and treatment. After playing just 20 games last season, he vowed to return to action this season but could not.
"My career as an NBA player and member of the New York Knicks must unfortunately come to an end," Houston said in a statement. "Over the last two years, I have done everything I could possibly do to get back on the court, but injuries to my knee would not allow me to do it."
As the face of the franchise at the time, Houston was signed to a six-year, $100 million contract in August 2001. He is still owed nearly $40 million through 2007, including $19.125 million this season.
As part of the new collective bargaining agreement, teams were allowed this summer to waive one player whose salary would not count against luxury tax computations. It was called the "Amnesty Rule" but became known as the "Allan Houston Rule."
However, the Knicks were hopeful that Houston could return and instead waived forward Jerome Williams, saving approximately $20 million in luxury tax payments over the next three years.
The team must still pay Houston, whose contract reportedly is insured and whose salary comes off the salary cap next year.
