Phil Jackson has agreed on a deal to become the New York Knicks Team President for the next 5 years. Sources told ESPN.com
last week that he will receive $12 million annually.
"There's no better place to win than New York City," said Jackson, who was officially announced as the team's president at a news conference Tuesday at Madison Square Garden.
"I can think of no better opportunity than the opportunities that I've had, three of the biggest cities and basketball franchises [in] Chicago, Los Angeles and now to come back where I started. It's a great feeling."
Phil Jackson and team general manager Steve Mills will report directly to team owner James Dolan.