By Jim Scott and Nina Mandell
DNAinfo Reporter/Producer
MANHATTAN — The Knicks acquired former All-Star Tracy McGrady from the Houston Rockets in a three-team deal Thursday, freeing up salary cap space this summer for them to lure marquee free agents like LeBron James to Madison Square Garden.
The Knicks, Rockets and Sacramento Kings have worked out a deal to send McGrady to New York and Kevin Martin to Houston, according to the New York Post and ESPN.com.
McGrady, 30, has barely played for the Rockets over the last two years because of nagging injuries, but his real value comes in the form of a $23 million expiring contract.
Thursday's deal will help put the Knicks more than $30 million under the salary cap on July 1. New York has not been under the salary cap since the summer of 1996 when they signed free agents Allan Houston and Chris Childs.
Thursday's deal puts the Knicks in prime position to land two elite players in a 2010 free agent class headlined by James, Dwyane Wade and Chris Bosh.
As part of the three-team deal New York sends rookie Jordan Hill, forward Jared Jeffries and its 2012 first round draft pick to the Rockets. Houston also gets the right to swap 2011 first round picks with the Knicks as long as it's not the top overall pick in the draft, ESPN reported. New York's pick is top-5 protected in 2012.
The Knicks will also ship Larry Hughes to Sacramento and will get back Sergio Rodriguez from the Kings as part of the three-team deal, the Post reported. Rodriguez, 23, gives the Knicks some much needed point guard help.
The Rockets get Martin, Kenny Thomas and Hilton Armstrong from Sacramento, with Carl Landry and Joey Dorsey heading to the Kings.
The McGrady trade wasn't the only move made by the wheeling and dealing Knicks on Thursday.
The Knicks and Boston reached a tentative deal to ship Robinson and Marcus Landry to the Celtics for Eddie House, J.R. Giddens and Bill Walker, ESPN reported.
"This is a sad day for me as well but I have tears of joy I accomplished something no one has done, 3X slam dunk champion! Thanks to my fans," Robinson tweeted on Thursday.
Robinson excited fans with his frenetic play and highlight reel dunks, but his antics on and off the court caused him to fall out of favor with Knicks Coach Mike D'Antoni.
On Wednesday the Knicks traded back up center Darko Milicic to the Minnesota Timberwolves for Brian Cardinal and cash considerations. Milicic, who was not in the Knicks regular rotation, could return to Europe after this season, David Kahn, Minnesota’s president of basketball operations, told the Associated Press.
The Knicks are also reportedly shopping Al Harrington to the Bulls in exchange for Tyrus Thomas, the Post reported.
