The New York Knicks are tabling all contract extension talks with key players Karl-Anthony Towns and Josh Hart, the franchise announced Friday
"As an organization, our entire focus is on preparing for the upcoming season and delivering another year for our fans to be proud of," a team spokesperson said in a statement to ESPN's Shams Charania on Friday. "As a result, we will not be negotiating contract extensions until later in the season and will remain solely focused on preparing for the start of the season."
Towns is eligible for a four-year deal worth over $276 million. He is due $57 million this season and has a $61.1 million player option for next season.
The Knicks' latest offer to Towns was a four-year deal worth approximately $200 million, sources told Charania.
Towns has been vocal about his frustrations with the now-tabled talks.
"Simply put, I want to do something that can keep the team together and work with the Knicks and also values me," Towns said Monday. "None of those things have come close to happening."
A six-time All-Star, Towns was a catalyst for the Knicks' playoff run last season, averaging 15.9 points, 10.6 rebounds and 4.9 assists as New York won the title in a five-game Finals over the San Antonio Spurs.
Hart is eligible for a contract extension as well, he will make $20.9 million this season and there's a team option for $22.3 million in 2027-28.
"There hasn't really been much movement and conversation with that, so I don't think it will get done," Hart said on media day last month. "I would love to get it done."
Additionally, Jalen Brunson and OG Anunoby will be eligible for contract extensions next offseason.
After the Knicks ended their 53-year title drought, owner James Dolan said the team will not go into the second spending apron, which means tough decisions will need to be made. New York did not re-sign backup center Mitchell Robinson this offseason. Robinson, who was the longest-tenured Knick on last year's team, signed with the Boston Celtics.
New York has the second-best odds at DraftKings to win this year's title and become the first team to repeat as champion since the 2016-17 and 2017-18 Golden State Warriors.
Information from ESPN's Vincent Goodwill was used in this report.