Sunday , Dec , 28 , 2008 C.Y. Ellis

Walsh Plans to Buy out Stephon Marbury in New Year

Walsh said he will step up attempts to buy out Marbury after Jan. 1 and will make the banished point guard another buyout offer. Walsh’s first offer – $3 million off Marbury’s prorated $21.9M wage – was flatly rejected. In response, Marbury took his $1M giveback off the table and ended negotiations.

There is urgency now because the Knicks are looking to sign a player (perhaps Patrick Ewing Jr.) when 10-day contracts become an option Jan. 5. Walsh needs a second roster spot – Marbury’s – to do so. Walsh is saving his first roster spot, created by Cuttino Mobley’s retirement, either to make a 2-for-1 trade or use the anticipated $4.5 million trade exception.

The banned Marbury is back in town after a West Coast vacation, but didn’t get to see his cousin, Sebastian Telfair, star with 20 points and eighth assists for the Timberwolves last night.