Knicks pick up option on Billups

Apr 27, 2011 - 7:46 PM New York, NY (Sports Network) - The New York Knicks have picked up veteran point guard Chauncey Billups' one-year option.

The Daily News reports the deal is worth $14.2 million. The team had until Friday to pick up Billups' option or buy him out for $4 million.

"We have made a decision to keep Chauncey Billups for the upcoming 2011-12 season," team president Donnie Walsh said in a statement. "Chauncey, Amar'e and Carmelo are a great nucleus, as we continue to look to improve our team going into the off-season. Chauncey is an extremely talented and experienced point guard -- we are very happy to have him back."

Billups appeared in 72 games with Denver and New York in 2010-11, averaging 16.8 ppg and 5.4 apg. He injured his left knee in game one of the Knicks' playoff series against the Boston Celtics and failed to appear in the final three games of the opening round sweep.