National Basketball Association

Knicks keeping Billups for next season

Published Apr. 27, 2011 9:45 p.m. ET

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Knicks president Donnie Walsh announced Wednesday the team will keep Chauncey Billups for next season, opting not to exercise the buyout clause in the point guard's contract.

Billups, obtained in the February trade with the Nuggets that also brought Carmelo Anthony to New York, missed the final three games of the Knicks' playoff series loss to the Celtics with an injured knee, raising questions about his durability and whether the Knicks wanted to keep him.

"We have made a decision to keep Chauncey Billups for the upcoming 2011-12 season," Walsh said in a statement released by the team. "Chauncey, Amar'e and Carmelo are a great nucleus, as we continue to look to improve our team going into the offseason."

"Chauncey is an extremely talented and experienced point guard; we are very happy to have him back."

Billups, 34, will make $14.2 million next season and will put the Knicks slightly above the projected NBA salary cap. The Knicks could have bought out the final year on Billups' deal for $3.7 million, which would have saved $10.5 million in cap space.

Billups averaged 17.5 points and 5.5 assists while shooting 32.8 percent from three-point range in 21 games with the Knicks.