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Sources: Felton, Knicks close to deal

Updated: July 9, 2010, 11:05 PM ET
By Chris Sheridan | ESPN.com

The New York Knicks' consolation prize after missing out on LeBron James will be point guard Raymond Felton.

Two league sources told ESPN.com that the Charlotte Bobcats' unrestricted free agent reached an agreement in principle Friday on the broad parameters of a contract.

The length of the deal has not yet been agreed upon, but Felton will earn a starting salary in the $7 million range.

Felton was widely considered the top free-agent point guard available in this summer's ...

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