THE New York Knicks have been forced to pay fired head coach Tom Thibodeau a staggering $30 million.
The team announced their leading man was being axed yesterday in a surprise move which stunned the NBA world.
The New York Knicks fired head coach Tom Thibodeau on Tuesday afternoon[/caption]
Thibodeau joined the Knicks in 2020, where he has spent the last five seasons[/caption]
It comes after they were hammered 4-2 in games by the Indiana Pacers in the playoffs just days ago.
The Knicks will have to pay up the remainder of his contract, which equates to the mind-blowing sum of $30m.
And in a shock twist, he’ll get his severance package before the extension they gave high in last summer even kicks in.
Thibodeau was contracted with the New Yorkers until the end of the 2027-28 season, after being handed an extra three-years.
His extraordinary buyout is one of the largest in basketball, and puts to an end what was thought to be a safe coaching seat.
The Knicks suffered Eastern Conference Finals heartbreak last week after being beaten by the well-deserved winning Pacers.
They came up short of reaching the NBA Finals with the loss, which had followed an incredible 2025 campaign.
It was the first time the team had reached the Eastern finals in 25-years, bringing dreams of a title back to New York.
The Knicks continued the news of his firing on Tuesday afternoon with a statement on social networking site X.
“Our organization is singularly focused on winning a championship for our fans,” said Knicks President Leon Rose.
“This pursuit led us to the difficult decision to inform Tom Thibodeau that we’ve decided to move in another direction.
“We can’t thank Tom enough for pouring his heart and soul into each and every day of being the New York Knicks head coach.”
Thibodeau led the Knicks to four playoffs, and the same amount of series wins, in five years with the team.
“Ultimately, we made the decision we feel is best for our organization moving forward,” he added.
“Tom will always be a part of our Knicks family and we truly wish him nothing but the best in the future.”
In five seasons with the Knicks, Thibodeau led the franchise to a 226-174 regular-season record.
They also recorded 51 wins in 2024-25, the most since 2012.
However, his teams in the postseason posted a 24-23 record.
New York was Thibodeau’s third head-coaching stop in the NBA.
The 67-year-old had a spell with the Chicago Bulls between 2010 and 2015.
He was also with the Minnesota Timberwolves from 2016 to 2019.
