Knicks waive Valentine after 3-way Rondo deal with Lakers, Cavs

The Rajon Rondo deal now includes a third team.

The Los Angeles Lakers re-routed Denzel Valentine to the New York Knicks in exchange for the draft rights to Louis Labeyrie, Cleveland Cavaliers general manager Koby Altman announced Monday.

New York, which also received the draft rights to Wang Zhelin and Brad Newley as well as cash considerations from the Lakers, waived Valentine following the swap, the Knicks announced.

The move saves the Lakers approximately $4 million in salary and luxury tax, while also providing Los Angeles with an open roster spot, according to ESPN's Adrian Wojnarowski.

New York waived guard Wayne Selden Jr. in order to make room for Valentine's contract, the team announced Monday.

The Cleveland Cavaliers received Rondo as part of the three-team trade. The veteran is expected to fill Ricky Rubio's backup point guard role after the Spaniard suffered a season-ending ACL injury.