It would have cost $5.2 million for Ingram if the Saints had picked up the option.
The Saints did pick up fifth-year option for defensive end Cam Jordan, at a cost of $6.97 million for 2015.
"That's a financial decision," Loomis told reporters during a press conference regarding Ingram. "The amount of the tender vs what the market for running backs has been," Loomis said during a press conference on Wednesday. "We like Mark, we told Mark before we made that decision that it wasn't reflective of what we thought about him, it was just a business decision. We have high expectations for him and I hope he has a great year."
For his career, Ingram has rushed for just 1,462 yards and 11 touchdowns in three NFL seasons.
Ingram was sidelined for five games last season with a toe injury, gaining 97 yards and scoring a touchdown in a playoff win over the Philadelphia Eagles.
Follow me on Twitter: @RavensInsider
Aaron Wilson covers the Ravens for The Baltimore Sun
Follow @footballpost on Twitter for the latest news
This story originally appeared on Nationalfootballpost.com
Want to work in football? Introduction to Scouting begins in May and is enrolling now! Save $100 with code NFP100! REGISTER HERE!