Phil Jackson signed on to become president of the New York Knicks after a lunch meeting with team officials Friday, sources have told ESPN.

Todd Musburger, Jackson's Chicago-based agent, was in Los Angeles to finalize the contract with Jackson and Knicks officials, according to sources. Jackson's deal is for five years and is expected to pay him $12 million annually but does not include an ownership stake, sources said.

The Knicks released a statement earlier Friday saying a "major announcement" would be made Tuesday at 11 a.m. ET at Madison Square Garden.
AND
Jackson probably will also have to hire a coach in the offseason. There's widespread speculation that Mike Woodson, the Knicks' current coach, is expected to be let go at the end of the season.

Jackson disciples such as Steve Kerr, Brian Shaw and Kurt Rambis are considered potential
candidates.

http://espn.go.com/new-york/nba/stor...icks-finalized