PRO BASKETBALL; For Riley, Knicks Get $1 Million and a No. 1 Pick
By MIKE WISE
Published: September 2, 1995
The Knicks agreed to drop tampering charges against the Miami Heat yesterday in an 11th-hour settlement that brought New York unprecedented compensation and paved the way for Pat Riley to sign the most lucrative coaching contract in National Basketball Association history.
The summerlong dispute over the contract status of the game's most high-profile coach ended suddenly, with a flurry of activity. First, Miami gave the Knicks a first-round draft choice in 1996 and $1 million as compensation for letting Riley out of the last year of his contract. And last night, the Heat presented Riley with a five-year package believed to be worth nearly $40 million.
The Heat has scheduled a news conference at 11:30 A.M. today at the Port of Miami aboard the Imagination, one of the Carnival Cruise Line ships owned by the Heat's managing partner, Micky Arison. A team official said Riley would be introduced as the fourth coach in team history.
The draft pick the Knicks will get came to the Heat from the Atlanta Hawks last season in a trade that sent Grant Long and Steve Smith to the Atlanta and Kevin Willis to Miami.
Though the draft pick comes to the Knicks unconditionally, the Knicks must honor a pre-existing condition. If the pick is one of the first five in the N.B.A. draft, it will be returned to Atlanta and the Knicks will have to settle for Atlanta's 1997 first-round draft pick.
The Knicks also have the option of returning the pick to Atlanta in exchange for the Hawks' 1997 first-round choice if they think they will get a better player that way. They would have to notify the Hawks two weeks before the 1996 draft to complete that deal.
"All of those things were attractive to us," said Dave Checketts, the Madison Square Garden president, who continually pushed for the unconditional pick rather than Miami's selection next season.
The settlement came on the deadline day that had been set by Commissioner David Stern, who had threatened punitive measures if the teams could not settle the contentious legal battle themselves. The Knicks originally wanted $3 million plus an unconditional draft pick, but settled on $1 million instead.
Perhaps Checketts summed up the matter for all parties involved. "It's over," he said during a conference call from his office yesterday. "The Miami-Pat Riley affair is history for me. It's time to move on."
more cont...