AC

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. Jackson, who has won a record 11 NBA championships as coach of the Los Angeles Lakers and Chicago Bulls and two as a Knicks player, probably will spend significant time in New York but also retain some time in Los Angeles, sources said. Jackson will take over the running of the Knicks' basketball operations department from president and general manager Steve Mills. A source said earlier this week that...