The Knicks just released a statement from Garden executive chairman James Dolan:
“Following a long series of discussions regarding his future role with the New York Knicks, Donnie Walsh and I have mutually agreed that he will be leaving his position as president, basketball operations of the Knicks at the end of June. 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.
“We will now begin an immediate search for a new president and general manager, but do not have a timetable for the decision. Glen Grunwald, the Knicks' senior vice president, basketball operations, will serve as interim general manager beginning in July, overseeing all player transactions. With some of the NBA’s premier players, an outstanding coach and one of the league's most passionate and loyal fanbases, we are extremely confident about the future of the Knicks franchise.”
Walsh joined the Knicks after the 2007-08 season, along with coach Mike D'Antoni, and immediately went to work in clearing cap space and reducing the team's salary in order to rebuild the franchise after Isiah Thomas was let go.
More details to come as Walsh is scheduled for a 1:30 p.m. conference call with reporters.