The New York Knicks and team president Phil Jackson announced Wednesday morning that they mutually agreed to part ways.

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

Conversations about what was best for the team's future between Jackson and Dolan accelerated this week when the franchise decided it would not buy out embattled forward Carmelo Anthony, sources said.
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