Statement by Isiah Thomas on Knicks contract:

“After speaking with Commissioner Stern and Knicks executives, it has become apparent that my new agreement violates certain NBA bylaws. Because of this, I have decided to rescind my contract with the team. I have nothing but the utmost respect for Jim Dolan, Donnie Walsh, Mike D’Antoni and the entire Knicks organization, and I want to thank them for affording me this opportunity.

“One of the biggest regrets of my life is that the Knicks didn’t perform up to the standards the fans had every right to expect while I was in charge. I take full responsibility for that. I was very much looking forward to this unique opportunity to help the organization do what I do best: find basketball talent. I wish the team nothing but success in the future.”

National Basketball Association Commissioner David Stern issued the following statement Wednesday:

“We have been informed by the Knicks that Isiah Thomas has rescinded his consulting agreement with the team. As a result, it is not necessary for the league to take any formal action on the proposed arrangement. However, we have reminded the Knicks of NBA rules that prohibit team personnel, including consultants, from having contact with players not eligible for the draft.”

The following statement was released today by Madison Square Garden Executive Chairman, James L. Dolan:

“Although I’m disappointed that Isiah will not be working with the Knicks as a consultant, I continue to believe in his basketball knowledge, including his ability to judge talent. He’s a good friend of mine and of the organization and I will continue to solicit his views. He will always have strong ties to me and the team. We wish him continued success at FIU. I also believe Donnie Walsh has done a terrific job since joining the Knicks and my tremendous respect for him has only grown since he’s joined the organization. I’m confident that the work that Donnie, Coach Mike D’Antoni and their staffs have done this summer has the team poised for long-term success.”

InsideHoops.com says:
It’s a victory for the Knicks that Isiah Thomas is not back in the mix. Even if Isiah has learned from his past, we just want him to move on to a brighter future in a new situation. Knicks fans also didn’t want him back. And, we really have to wonder if Dolan noticed that literally every single media outlet in the entire world who wrote about the situation thought that bringing Isiah back was the wrong move.