Larry Brown will receive $18.5 million from New York Knicks. This is less than half the amount what coach Larry Brown had left when he was fired by the Knicks. Brown had four more years remaining in his contract with more that $40 million left when he was fired by the Knicks after one season in June 2006.
This settlement was reached on October 30, 3006 but the Knicks were not allowed to release the amount that the team had agreed to pay Larry Brown. Cablevision owns the Knicks through it unit, Madison Square Garden and the amount was disclosed in its third quarter report which was filed with the Securities and Exchange Commission (SEC). Brown was fired after the Knicks lost 23-59 that season. Madison Square Garden Chairman James Dolan refused to pay the balance of the contract money citing that Brown was fired for violating Madison Square Garden policies.
Representatives for Larry Brown and the Knicks testified before the NBA commissioner David Stern. The representatives testified for over 15 hours over two days. A clause in Brown's contract made David Stern the final arbiter in case of a dispute. However, he got both sides to settle. He also prevented them from discussing the terms of the settlement.
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The Knicks, who are currently in Denver to play the Nuggets, refused to comment. So also George Karl, the Nuggets' coach. George Karl has been a longtime friend of Brown's and he said that he preferred to talk to his friend first.
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