Phil Jackson agrees to five-year, $60M deal with Knicks

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.