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Read the press release here.

Donnie Walsh Out as President of the Knicks

Team President Donnie Walsh (C) speaks to the media during a 2008 press conference at Madison Square Garden
Team President Donnie Walsh (C) speaks to the media during a 2008 press conference at Madison Square Garden
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Mike Stobe/Getty Images

By Michael Ventura

DNAinfo Managing Editor

MANHATTAN — Donnie Walsh is stepping down as president of the Knicks, several news outlets reported.

Walsh, who rebuilt the Knicks into a respectable team after a decade of losing seasons, will continue to consult with the team, but will leave his current role on June 30. No replacement was named.

"Following a long series of discussions regarding his future role with the New York Knicks, Donnie Walsh and I have mutually agreed he will be leaving his position as president, basketball operations of the Knicks at the end of June," team owner James Dolan said in a statement, the New York Post reported. "Donnie will remain with the team as a consultant for the 2011-12 season.

"In a relatively short time with the Knicks, Donnie made a tremendous impact, which will be felt for many years to come. We thank Donnie for his leadership, hard work and many contributions to the revitalization of the team."

The team said it was looking for someone to replace Walsh as the head of basketball operations, but had no timetable for that decision, the Post said. Glen Grunwald, the senior VP of basketball operations, will be the interim general manager of the team, the Post reported.

Knicks fans will certainly worry that this move opens the door to the return of Isiah Thomas.

The ouster of Walsh comes after the new-look Knicks made their first playoff appearance in seven years, and had their first winning season since the Patrick Ewing era. He spent the last few seasons gutting the team and dumping to bring in marquee talent, including all-stars Amar'e Stoudemire and Carmelo Anthony.

Walsh was at the end of his contract and was in the process of negotiating a new one. He reportedly wanted total control over basketball operations as a clause in the contract.