The New York Knicks formerly introduced Mike D’Antoni as their new head coach at a press conference Tuesday afternoon. The former Phoenix Suns coach agreed to a 4-year, $24 million contract with New York.

Following weeks of speculation that the Knicks would hire Mark Jackson as their next coach, Team President Donnie Walsh went hard after D’Antoni when Suns President and General Manager Steve Kerr gave D’Antoni permission to speak with other teams. Walsh defended his decision at the press conference:

“After a long search that lasted over three weeks, I decided that Mike D’Antoni is the right fit to coach the New York Knicks as we build this team back to contention,” said Walsh. “Mike is a proven winner not only in this league, with a long, impressive coaching resume in the NBA and abroad.”

In over four plus seasons with Phoenix, D’Antoni posted a 253-136 record with three Pacific Division titles, and two Western Conference finals appearances. However, philosophical differences with Kerr, who took the job after last season, came to a head when the Suns lost their first-round series to San Antonio, failing to capitalize on the controversial blockbuster mid-season acquisition of Shaquille O’Neal. D’Antoni reflected on his stay in Phoenix in a press release:

"My family has been fortunate to call Phoenix our home for the past six years," said D'Antoni. "We've been welcomed by the community and I hope we've managed to give back with as much generosity and love as we have received. I have nothing but the utmost respect and appreciation for the SunsFamily and the residents of Phoenix. The fans have supported this program with great enthusiasm. I'm proud to have worked with some of the finest players in the NBA and I wish the team continued success."

The 57-year-old had two years and almost $9 million remaining on his contract in Phoenix.

The Chicago Bulls also pursued D’Antoni hard, and many viewed them as the front-runner for his services. Chicago’s roster better fits his up-tempo style of play, and the team is arguably closer to competing. Bulls owner Jerry Reinsdorf and GM John Paxson decided D’Antoni was their top choice, only to be left at the altar by the new Knick coach. As reported by ESPN:

“I'm disappointed in him," Reinsdorf told the Chicago Tribune. "I don't know what else we could've done. He chose to go to New York knowing there was a good chance we would make him an offer. If he had really wanted to be in Chicago, he would've waited. Instead, he misled us. It's not the end of the world, but it is somewhat rude."

D’Antoni, a two-time Coach of the Year in Italy and 2004-2005 NBA Coach of the Year, takes over a Knicks team that has seven straight losing seasons, and failed to win a playoff game since 2001. Coming off a 23-59 season, with over $90 million committed to player salaries next season making roster moves difficult, D’Antoni will find it difficult to pull off the same 33 game turnaround he orchestrated during his first full season in Phoenix.

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Michael J. Senno is a staff member of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey. He can be contacted through the Business of Sports Network's Author Profiles