Though he's no longer going to be serving as president of the Knicks, Steve Mills is expected to remain on the team's board of governors going forward, according to an official statement from the team.

It is anticipated that Steve Mills will be nominated to the Board of the standalone sports company, following the completion of the proposed spin-off the entertainment business, pending all necessary approvals, including by the MSG Board.

Knicks owner James Dolan announced that he had parted ways with Mills around noon on Tuesday. Scott Perry will continue his role as general manager for the foreseeable future, according to ESPN.

Knicks fans have been upset with the way the organization has been run over the last decade or so. Several trades were made on Mills' watch that later became stains on his tenure with the team. Now that he's been fired, New York will be in pursuit of another president.

Dolan has been open about his pursuit of Raptors president Masai Ujiri, who brought Toronto its first championship last season. Whether or not the Knicks will be able to land Ujiri is still up for debate.

The Knicks have a talented roster. However, the team has struggled through the first half of this season, as their 15-36 overall record can attest.

New York will be back in action on Thursday night, when they'll serve as hosts to the Orlando Magic. Tip-off inside Madison Square Garden is set for 7:30 p.m. ET.