Knicks raise NBA championship banner, hand out elaborate rings complete with a miniature Madison Square Garden

New York spent all summer celebrating the Knicks' first NBA championship since 1973.

With LeBron James and the Philadelphia 76ers in town for their season debuts , the Knicks passed out championship rings and raised a banner in front of an ecstatic Madison Square Garden crowd. Unfortunately for the Knicks and their fans, the 76ers spoiled the party with a 106-100 win .

The party started with the Larry O'Brien Trophy sitting at center court, surrounded by the rings, ready to be handed out.

Then the players — led by championship heroes Jalen Brunson, OG Anunoby and Karl-Anthony Towns — were introduced to raucous cheers. They got a look at their rings for the first time.

As the players tried on their new hardware, the Knicks released a video detailing the rings' elaborate craftsmanship. In a world where each new championship ring seeks to outdo the last, the Knicks have made a notable entry.

The rings feature Madison Square Garden, inside and out. The top of the ring rises up to show the structure of the world-famous building. That removable top reveals the stands and the court at MSG underneath.

Once the rings were handed out, it was Brunson's turn to take the mic. He delivered a brief speech before getting down to the business at hand.

"What's up, Knicks fans?" Brunson said. "Most importantly, I want to say thank you guys for not leaving Game 4. We really appreciate it. As much as we won this, we wouldn't have done this without you guys. This is unbelievable. It's really a dream come true.

"I know overall we're excited to get this season going. We're ready to turn the page as a team. But one thing I would like to say: The joy that this city had this summer, we would love to replicate that again. Thank you, guys. Let's raise this banner."

LeBron and the 76ers awaited, and it was time to get down to the business of working on securing another banner for the MSG rafters. That quest is off to an 0-1 start and will continue with a trip to visit the rival Boston Celtics on Friday.