Donnie Walsh Offered 40 Percent Pay Cut Before Resignation, According To Report

Donnie Walsh's seemingly shocking decision to step down as New York Knicks team president may not have been as out of left field as originally anticipated. Despite published reports last month suggesting he was closing in on a two-year contract extension, new information indicates Walsh may have been a goner as recently as two months ago.

According to Frank Isola of the New York Daily News, Walsh's contract offer from owner James Dolan included a 40-percent pay cut, a massive number for anyone. Isola also reports that Walsh was asked to submit a list of replacement general manager candidates two months ago, and Dolan would name the GM from that list. The list included Toronto's Bryan Colangelo and ESPN announcer Mark Jackson. Finally, Dolan's misgivings with Walsh go all the way back to him granting an interview to Mike Lupica, according to Isola.

On the surface, this seems like madness, but it is the New York Knicks we're talking about. 

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