Knicks call press conference for Tuesday to unveil Jackson.
Former Chicago Bulls and Los Angeles Lakers coach Phil Jackson has signed a deal to become the president of basketball operations at the New York Knicks.
According to ESPN, after a lunch meeting with team officials on Friday, the 68-year-old agreed terms and the contract was finalised with the deal set for five years and is expected to pay him $12m annually.
However, it is understood that it does not include an ownership stake, while the press conference to officially unveil Jackson will not take place until Tuesday next week.
The Knicks released a statement saying that a “major announcement” would be made at 11.00 ET at Madison Square Garden, with Jackson set to be handed the reigns and given the responsibility of rebuilding the roster.
The veteran coach has won 11 NBA championships as coach of the Bulls and Lakers, while he also won two as a player during his spell with the Knicks.
He is expected to take over the running of the Knicks’ basketball operations department from president and general manager Steve Mills, although Mills will continue with an integral front office role while owner James Dolan will undoubtedly continue to have an influence.
Jackson’s appointment will be felt in Los Angeles after Magic Johnson insisted that the former coach should be made the “face of the organisation” moving forward, but with New York (26-40) struggling to make the playoffs this season, perhaps the scale of the challenge enticed him into returning to the game after being offered various jobs previously.
The Knicks have won five straight games to give themselves a chance of making the playoffs, but they remain three-and-a-half games behind the Atlanta Hawks.
Nevertheless, Jackson’s appointment will likely have significant knock-on effects for the Knicks moving forward, with Carmelo Anthony’s free agency decision likely to be the first port of call in the rebuilding process.