Phil Jackson fired as president of NY Knicks

NEW YORK (FOX 5 NY) - NY Knicks President Phil Jackson was officially let go by team owner James Dolan on Wednesday.

"After careful thought and consideration, we mutually agreed that the Knicks will be going in a different direction," said Dolan in a statement released to the media.

"Phil Jackson is one of the most celebrated and successful individuals in the history of the NBA. His legacy in the game of basketball is unmatched. We wish him the best and thank him for his service to the Knicks as both a player and an executive."

Jackson is leaving his post as President of Basketball Operations, effective immediately. 

In 2014, the legendary NBA coach Jackson was signed to a five-year deal worth at least $50 million.

After three full seasons, Jackson lead the struggling Knicks to an 80-166 record.

One of the sticking points over his future was player Carmelo Anthony and what to do with him.  Jackson reportedly wanted to trade Anthony while Dolan was opposed to the idea. Anthony would be owed $54 million if he were traded before the next season.

Jackson has $24 million remaining on his deal and will likely receive all of the amount.

“The New York Knicks will always hold a special place in my heart,” Mr. Jackson said. “This team and this town launched my NBA career. I will forever be indebted to them. I am grateful to Mr. Dolan for giving me the opportunity to return here.

"I had hoped, of course, to bring another NBA championship to the Garden. As someone who treasures winning, I am deeply disappointed that we weren’t able to do that. New York fans deserve nothing less. I wish them and the Knicks organization all the best – today and always.”