PHILADELPHIA (CBS) — The Knicks and team president Phil Jackson announced they are parting ways on Wednesday.

Jackson, 71, was introduced as the Knicks president on March 18, 2014 signing a five-year deal worth $60 million.

Related: Report: Knicks Willing To Trade Kristaps Porzingis

Jackson openly admitted he believed Knicks star Carmelo Anthony and the organization should part ways, but Anthony refused to waive his no-trade clause. Melo has two years left on his contract, worth $54 million.

According to ESPN’s Ramona Shelburne, “with no end to the stalemate in sight, and free agency beginning on July 1, Jackson’s discussions with Dolan accelerated late Tuesday night and the decision was made to part ways.”

The Knicks were 80-166 in Jackson’s three full seasons as president.

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