The NBA will not approve the trade of Andrea Bargnani to the New York Knicks on Sunday night, meaning the Knicks and Toronto Raptors will have to restructure the deal under 2013-14 cap figures, according to Howard Beck of The New York Times.
Earlier Sunday evening, the Knicks and Raptors had agreed on a trade sending Bargnani to New York and Marcus Camby, Steve Novak, a 2016 first-round pick and two future second-round picks to Toronto. But for a currently unknown reason, the NBA has decided not to approve the trade by the end of the night, which would have been necessary to complete the deal under the 2012-13 cap figures.
This failure to approve the deal Sunday night makes things a bit complicated, as the 2013-14 cap figures go into effect once Monday rolls around. Bargnani's contract escalates from $10 million to $10.75 million next season, while Camby's contract goes down from $4.59 million to $4.384 million and Novak's goes down from $4.054 million to $3.75 million.
These differences will make the current iteration of the trade illegal under the new collective bargaining agreement, so some tweaking will have to be done in order to complete it. Beck reports that both teams are still committed to making the trade, but it may take a sign-and-trade of Kenyon Martin, Pablo Prigioni, Chris Copeland or Quentin Richardson to get it through.