New York, NY, United States (4E Sports) – Phil Jackson signed on to become president of the New York Knicks for five years at $12 million annually after a lunch meeting with team officials Friday.
The deal, which does not include an ownership stake, has not been made official, but the Knicks have scheduled a news conference Tuesday for a major announcement.
Jackson will take over the running of the Knicks’ basketball operations department from president and general manager Steve Mills.
In his first offseason as Knicks president, Jackson has to decide what to do with free agent-to-be Carmelo Anthony, who plans to opt out of the final year of his contract this summer.
Anthony can sign a deal with the Knicks that is one year longer and worth $33 million more than any with another team.
With or without Anthony, the Knicks are expected to be over the salary cap this summer because of the contracts of Amar’e Stoudemire ($23.4 million), Tyson Chandler ($14.6 million) and Andrea Bargnani ($11.5 million), which run through 2014-15.
Jackson probably will also have to hire a coach in the offseason as current coach Mike Woodson may be let go at the end of the season.
TNT broadcaster Steve Kerr, who played for Jackson with the Bulls, already has surfaced as one potential coaching candidate.