Report: New York Knicks pick up Phil Jackson's contract option

Stability has been a rare commodity at times for the New York Knicks over the last few seasons. As they head toward another NBA Draft lottery and offseason of what may include some roster changes, the front office is trying to keep things steady going forward.

According to ESPN.com’s Ramona Shelburne and Ian Begley, the Knicks have picked up the two-year option remaining on team president Phil Jackson’s contract:

New York Knicks owner James Dolan made a public commitment to honor Phil Jackson’s five-year contract as team president in February. He has since followed through on that pledge.

Sources familiar with the situation told ESPN that the Knicks and Jackson quietly picked up their option on the remaining two years of his contract this spring.

Jackson and the Knicks each had an option to walk away from each other at the end of this season. It was built into the contract after Year 3 because Jackson had no interest in working through a lockout. The NBA and its players’ union made sure to avoid that this fall, when they agreed to a new collective bargaining agreement.

There was some speculation that either Jackson or the Knicks would want to end the relationship as the option trigger approached, but sources told ESPN that the final two years of Jackson’s contract were picked up “a while ago.”

Dolan said he planned to honor his five-year contract with Jackson “all the way to the end” during a Feb. 10 radio interview on The Michael Kay Show on ESPN New York 98.7 FM.

The Knicks are projected to have around $20 million in salary cap room to utilize this season and may also have to make a decision on whether to try and find a trade partner for star forward Carmelo Anthony. The All-Star, however, holds the right to veto any trade.