Phil Jackson

It’s official! Phil Jackson has signed with the New York Knicks.

ESPN reports that the legendary coach officially signed on to become president of the team on Friday (March 14)… which is expected to pay him $12 million a year.

In a statement, the Knicks said it would make a “major announcement” on Tuesday (March 18) at 11 a.m. ET at Madison Square Garden.

Jackson will take over the running of the Knicks’ basketball operations department from president and general manager Steve Mills. However, sources say Mills will remain an integral part of the organization.

His discussion with the Knicks has been ongoing for several months, sources said… and finally came to fruition this week.