Knicks raise NBA championship banner, hand out rings made with miniature Madison Square Garden

New York spent the entire summer celebrating the Knicks’ first NBA championship since 1973.

On Tuesday, the official celebration began.

With LeBron James and the Philadelphia 76ers in town for their season debut, the Knicks handed out championship rings and held up a banner in front of an ecstatic crowd at Madison Square Garden. Unfortunately for the Knicks and their fans, the 76ers spoiled the party with a 106-100 victory.

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The party began with the Larry O’Brien Trophy placed on center court, surrounded by rings, ready to be presented.

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