9:17 Update: The deal is off! “It’s dead,” a source involved with the talks told Y! Sports. The league pulled the plug on the deal due to pressure from the owners.
9:03 Update: According to Adrian Wojnarowski, and other NBA scribes, the deal is now on hold. NBA owners showed their frustration tonight at the Board of Governers meeting. Owners claim league owned Hornets should not be allowed to trade Paul to the Lakers. According to @ESPNSteinLine it is not clear if trade is “merely snagged or in jeopardy.” This will certainly be an interesting story to follow, and could set precedent over how NBA and other leagues act during trades while they control teams.
Well there goes the Knicks possibility of obtaining CP3. Fans must be disappointed, it would have been nice to see CP3 in NY with his boys Melo and Chandler. A’mare Stoudemire has to be extremely relieved that he will not be used as trade bait. He deserves the shot to win here, and I am glad that STAT will have the opportunity.
This does leave the Knicks with a major hole; however, as they do not have a PG. If they are indeed bringing Chandler in, then they will need to either amnesty or trade Chauncey Billups. From most reports, the Knicks do not want to waste to use amnesty on a contract that is already set to expire at the end of the season (they only get one in the life of the CBA.) Look for the Knicks to try to trade Billups for a less expensive PG, or include him in the Dallas sign and trade for Chandler.