Phil Jackson returns to Knicks as new president

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.

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"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."

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Phil Jackson and team general manager Steve Mills will report directly to team owner James Dolan.