The New York Knicks were prepared to trade Raymond Felton, Metta World Peace, plus either Iman Shumpert, Tim Hardaway Jr. or a 2018 first round pick to the Toronto Raptors for Kyle Lowry, but owner James Dolan has vetoed the deal.

The Raptors preferred a first round pick from the Knicks.

Dolan had previously dealt with Raptors' GM Masai Ujiri on the 2011 deal for Carmelo Anthony when he was with the Denver Nuggets.

“Dolan didn’t want to get fleeced again by Masai,” said a source. “They had a deal ready.”

The Knicks had decided to move forward with the deal on Wednesday evening, but Dolan had second thoughts on Thursday.

“There are two problems,” the source said. “Dolan didn’t like that someone from his group leaked it to the media, and the other problem is the Knicks seem to have too many (people) involved with making decisions.”

