Knicks, Jeremy Lin to Part Ways [VIDEO]

Jeremy Lin is leaving New York and taking Linsanity to Houston.

The New York Knicks confirmed Tuesday night that they will not match the Houston Rocket's three-year, $25 million offer for Lin, a restricted free-agent. The New York Times initially reported the Knicks' decision, citing an unidentified person briefed on the situation.

New York officially had until 11:59 EDT to decide whether to re-sign Lin.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)