The person requested anonymity because he was not authorized to speak publicly until the trade is official. The Knicks plan to send Julius Randle, Donte DiVincenzo and a first-round pick to the Timberwolves as part of the blockbuster trade just as training camps are getting ready to open for most teams.

The Knicks express excitement at the addition of Towns, which remains unofficial, while lamenting the departures of Julius Randle and Donte DiVincenzo.

The New York Knicks' NBA title odds are on the move after trading for Karl-Anthony Towns. Here's how the trade impacted the markets.