Phil Jackson is out as president of the New York Knicks

The New York Knicks and Phil Jackson have "mutually agreed to part company," the team announced in a statement on Wednesday morning.

Earlier, Adrian Wojnarowski of The Vertical had reported that owner James Dolan was expected to let Jackson go.

Ramona Shelburne of ESPN had confirmed the report.

"The New York Knicks are planning to part ways with embattled President of Basketball Operations Phil Jackson later this morning," Wojnarowski wrote. "Owner James Dolan has been weighing Jackson's future role running the franchise... Dolan and Jackson, 71, talked about the possibility of a parting on Tuesday, league sources told The Vertical."

Jackson has two years and $24 million remaining on his contract. According to Darren Rovell of ESPN, Jackson was paid $60 million during his tenure with the Knicks.

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2017 NBA Draft first round results
Markelle Fultz selected number one overall by the Philadelphia 76ers talks with the media at the 2017 NBA Draft on June 22, 2017 at Barclays Center in Brooklyn, New York. (Photo by Michael J. Lebrecht II /NBAE via Getty Images)
Lonzo Ball (UCLA) is introduced by NBA commissioner Adam Silver as the number two overall pick to the Los Angeles Lakers in the first round of the 2017 NBA Draft at Barclays Center. (Photo by Brad Penner-USA TODAY Sports via Reuters)
Jayson Tatum (Duke) is interviewed after being selected as the number three overall pick to the Boston Celtics in the first round of the 2017 NBA Draft at Barclays Center. (Photo by Brad Penner-USA TODAY Sports via Reuters)
Josh Jackson (Kansas) is introduced by NBA commissioner Adam Silver as the number four overall pick to the Phoenix Suns in the first round of the 2017 NBA Draft at Barclays Center. (Photo by Brad Penner-USA TODAY Sports via Reuters)
De'Aaron Fox (Kentucky) is introduced as the number five overall pick to the Sacramento Kings in the first round of the 2017 NBA Draft at Barclays Center. (Photo by Brad Penner-USA TODAY Sports via Reuters) 
Jonathan Isaac (Florida State) is introduced by NBA commissioner Adam Silver as the number six overall pick to the Orlando Magic in the first round of the 2017 NBA Draft at Barclays Center. (Photo by Brad Penner-USA TODAY Sports via Reuters)
Lauri Markkanen (Arizona) is interviewed after being introduced as the number seven overall pick to the Minnesota Timberwolves in the first round of the 2017 NBA Draft at Barclays Center. (Photo by Brad Penner-USA TODAY Sports via Reuters)
NEW YORK, USA - JUNE 22: NBA commissioner Adam Silver (L) and New York Knicks' pick Frank Ntilikina (R) shake their hands during Draft 2017 in Barclays Center in Brooklyn borough of New York, United States on June 22, 2017. (Photo by Mohammed Elshamy/Anadolu Agency/Getty Images)
BROOKLYN, NY - JUNE 22: Dennis Smith Jr. of the Dallas Mavericks talks to the media after being the ninth overall selected at the 2017 NBA Draft on June 22, 2017 at Barclays Center in Brooklyn, New York. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2017 NBAE (Photo by Jesse D. Garrabrant/NBAE via Getty Images)
Jun 22, 2017; Brooklyn, NY, USA; Zach Collins (Gonzaga) is introduced by NBA commissioner Adam Silver as the number ten overall pick to the Sacramento Kings in the first round of the 2017 NBA Draft at Barclays Center. Mandatory Credit: Brad Penner-USA TODAY Sports
NEW YORK, USA - JUNE 22: NBA commissioner Adam Silver (L) and Charlotte Hornets' pick Malik Monk (R) during Draft 2017 in Barclays Center in Brooklyn borough of New York, United States on June 22, 2017. (Photo by Mohammed Elshamy/Anadolu Agency/Getty Images)
Jun 22, 2017; Brooklyn, NY, USA; Luke Kennard (Duke) is introduced by NBA commissioner Adam Silver as the number twelve overall pick to the Detroit Pistons in the first round of the 2017 NBA Draft at Barclays Center. Mandatory Credit: Brad Penner-USA TODAY Sports
Jun 22, 2017; Brooklyn, NY, USA; Donovan Mitchell (Louisville) is interviewed after being introduced as the number thirteen overall pick to the Denver Nuggets in the first round of the 2017 NBA Draft at Barclays Center. Mandatory Credit: Brad Penner-USA TODAY Sports
NEW YORK, NY - JUNE 22: Edrice �Bam� Adebayo walks on stage with NBA commissioner Adam Silver after being drafted 14th overall by the Miami Heat during the first round of the 2017 NBA Draft at Barclays Center on June 22, 2017 in New York City. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Mike Stobe/Getty Images)
Jun 22, 2017; Brooklyn, NY, USA; Justin Jackson (North Carolina) is introduced by NBA commissioner Adam Silver as the number fifteen overall pick to the Portland Trail Blazers in the first round of the 2017 NBA Draft at Barclays Center. Mandatory Credit: Brad Penner-USA TODAY Sports
Jun 22, 2017; Brooklyn, NY, USA; Justin Patton (Creighton) is introduced as the number sixteen overall pick to the Chicago Bulls in the first round of the 2017 NBA Draft at Barclays Center. Mandatory Credit: Brad Penner-USA TODAY Sports
17th overall: Milwaukee Bucks select DJ Wilson (F/C) - Michigan. (Photo by Rob Carr/Getty Images)
Jun 22, 2017; Brooklyn, NY, USA; T.J. Leaf (UCLA) is introduced by NBA commissioner Adam Silver as the number eighteen overall pick to the Indiana Pacers in the first round of the 2017 NBA Draft at Barclays Center. Mandatory Credit: Brad Penner-USA TODAY Sports
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20th overall: Sacramento Kings select Harry Giles (F/C) - Duke. (Photo by Jennifer Pottheiser/NBAE via Getty Images)

21st overall: Oklahoma City Thunder select Terrance Ferguson (F) - Australia. (Photo by Morne de Klerk/Getty Images)
BROOKLYN, NY - JUNE 22: Jarrett Allen talks to the media after being selected 22nd overall at the 2017 NBA Draft on June 22, 2017 at Barclays Center in Brooklyn, New York. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2017 NBAE (Photo by Stephen Pellegrino/NBAE via Getty Images)
NEW YORK, NY - JUNE 22: OG Anunoby reacts after being drafted 23rd overall by the Toronto Raptors during the first round of the 2017 NBA Draft at Barclays Center on June 22, 2017 in New York City. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Mike Stobe/Getty Images)
24th overall: Denver Nuggets select Terrance Ferguson (F) - Australia. (Photo by Rich Barnes/Getty Images)

25th overall: Philadelphia 76ers select Andzejs Pasecniks (C) - Latvia. (Photo by Mohammed Elshamy/Anadolu Agency/Getty Images)

26th overall: Portland Trail Blazers select Caleb Swanigan (PF) - Purdue. (Photo by Robin Alam/Icon Sportswire via Getty Images)
27th overall: Los Angeles Lakers select Kyle Kuzma (F) - Utah. (Photo by Gene Sweeney Jr/Getty Images)

28th overall: Utah Jazz select Tony Bradley (C) - North Carolina. (Photo by Chris Steppig - Pool/Getty Images)

PARKER, CO - JUNE 22: Derrick White shakes shares a laugh with his dad Rich after finding out the San Antonio Spurs had selected him 29th in the first round of the NBA Draft on June 22, 2017 in Parker, Colorado. (Photo by John Leyba/The Denver Post via Getty Images)
BROOKLYN, NY - JUNE 22: Josh Hart of the Utah Jazz talks to the media after being selected 30th overall at the 2017 NBA Draft on June 22, 2017 at Barclays Center in Brooklyn, New York. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2017 NBAE (Photo by Stephen Pellegrino/NBAE via Getty Images)
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"After careful thought and consideration, we mutually agreed that the Knicks will be going in a different direction," Dolan said in a 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."

Jackson was hired as team president in 2014 and the team has gone 90-171 during that time and did not make the playoffs.

The tumultuous reign of Jackson as the Knicks' president was seemingly spiraling even more out of control in recent months. Jackson famously sparred with Carmelo Anthony publicly, appearing to be pushing his star player out the door. There were also recent reports that Jackson was strongly considering a trade of fan-favorite Kristaps Porzingis after he skipped an end-of-season exit meeting with Jackson out of frustration over the "dysfunction" and "drama" surrounding the team.

According to Wojnarowski, Dolan had become "increasingly concerned about Jackson's fitness for the job and the long-term prospects of success for the franchise."

Jackson was reportedly falling asleep during a recent workout for a draft prospect.

And to make matters worse, all of the dysfunction had made the Knicks "a last resort" for some free agents, something that would have made it impossible for the Knicks to compete in this new era of super teams.

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