Knicks reportedly will pay Jackson $12 million a year

Seeking a return to prominence after decades of futility, the New York Knicks brought back a part of their past glory Friday when they officially agreed to hire Phil Jackson as team president, according to multiple reports.

The Knicks have scheduled a news conference for 8 a.m. PDT Tuesday at Madison Square Garden for what they have termed a “major announcement.” ESPN reported that Jackson’s contract was expected to pay him $12 million a year.

Jackson, 68, will be making his first foray into the front office of an NBA team after winning 11 championships as a coach with the Lakers and Chicago Bulls. He also won a title with the Knicks in 1973 and was on the team that won a championship in 1970 but did not play that season because of a back injury.

Since leaving the Lakers after the 2010-11 season, Jackson has served as an informal consultant for the Detroit Pistons. He is engaged to Jeanie Buss, the Lakers’ team governor, who represents the franchise at NBA functions and runs its business operations.

Jackson will face no shortage of challenges with the Knicks. The team is a fringe playoff contender in the Eastern Conference and its star player, Carmelo Anthony, could opt out of his contract and explore free agency this summer. Complicating matters is a bloated payroll and no first-round draft pick from what is expected to be one of the best collections of college players in years.

Jackson is expected to run the Knicks’ basketball operations department with assistance from Steve Mills, currently the team’s general manager.