Latest Update (April 13)
9:00AM: The Knicks and Phil Jackson quietly picked up their option on the remaining two years of Jackson's five-year contract this spring, according to Ian Begley of ESPN.
Both sides had the option to walk away from each other at the end of this season, and while there was speculation that either Jackson or the Knicks might exercise that opt-out clause, sources told Begley that the final two years on Jackson's contract were picked up "a while ago."
Previous Reports (Feb. 10)
4:55PM: Knicks owner James Dolan says he has no plans to fire team president Phil Jackson.
"I'm going to honor my agreement," Dolan said during an appearance with Michael Kay on ESPN Radio on Friday. "It doesn't matter whether I think he's right or wrong. ...Let's hope that he's successful."
Jackson has two years left on his deal and Dolan said he won't be "exercising any opt outs" in order to get Jackson to leave earlier.
Regarding Jackson's issues with Carmelo Anthony and a potential trade, Dolan said he's not stepping in because that would be "meddling" with Jackson.
Dolan also suggested that any questions about the state of the team should be directed to Jackson.
Jackson, who has reportedly been trying to trade Anthony, took another shot at Anthony in public earlier this week.