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McHale may Sign with Knicks

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June 27, 1983

MCHALE READY TO SIGN $7M OFFER FROM KNICKS

The New York Knicks are on the verge of signing free-agent forward Kevin McHale to a five-year, $7 million offer sheet, it was reported yesterday.



The New York Daily News quoted a high-ranking Knick official as saying McHale will sign the offer sheet as early as today.

A spokesman for the Knicks was unavailable for comment.

The Daily News said the guaranteed contract for the Boston Celtics' forward will call for $1.4 million per year plus a $3 million interest-free loan to be repaid during the life of the pact.

The Boston Herald reported yesterday McHale would earn $1.25 million annually plus the interest-free loan.

The Herald said the loan would amount to added income because of the almost $300,000 in interest McHale could earn from it in the first year alone. Knicks officials contend that such a move will not count against their salary cap because the $3 million would be repaid in full.

The offer, according to the Herald, also contains a trade penalty clause that would give McHale $650,000 if he is dealt.

Celtic general manager Red Auerbach told the Herald he doesn't think the NBA will allow such a deal because the Knicks would be ''circumventing the salary cap restrictions'' of $3.5 million set in the league's collective bargaining agreement.

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