[Updated at 2:10 a.m. ET Wednesday] Seven months after dropping him from their team, the Houston Rockets signed Jeremy Lin when the New York Knicks failed to match Houston's three-year, $25-million offer for the point guard.

"We are thrilled to have Jeremy back as part of the Rockets family," Rockets owner Leslie Alexander said in a statement Tuesday night. "In his limited opportunity last season, Jeremy showed that he has all the skills to be a great player in this league for many years to come."

The Harvard-educated basketball phenom captured worldwide attention by leading the Knicks to a string of victories last year.

Jonathan Supranowitz, the Knicks' vice president of public relations, announced Tuesday night that the Knicks would not match Houston's offer.