James Dolan Net Worth After Knicks Billionaire Fires Phil Jackson

Controversial sports team owner James Dolan severed a five-year contract Wednesday morning between the New York Knicks and it's now-former President Phil Jackson.

Dolan, who owns the NBA's Knicks and the WNBA's New York Liberty, has an estimated wealth of $1.5 billion, according to Celebrity Net Worth. He has often been considered the "worst" NBA owner in the league.

Dolan's riches were accrued through multiple means. In addition to being the owner New York basketball teams, he is governor of the NHL's New York Rangers, the President and CEO of Cablevision Systems Corporation, Executive Chairman of The Madison Square Garden Company and CEO of Cablevision — until it was sold in June 2016.

Jackson's 5-year contract with the Knicks was $60 million and had two years left. The split was mutual, according to a statement put out by Dolan.

"After careful thought and consideration, we mutually agreed that the Knicks will be going in a different direction," Dolan said via statement. "Phil Jackson is one of the most celebrated and successful individuals in the history of the NBA. His legacy in the game of basketball is unmatched. We wish him the best and thank him for his service to the Knicks as both a player and an executive."

READ: James Dolan Fires Phil Jackson, Carmelo Anthony More Likely To Stay With New York Knicks

Additionally, Dolan said that his role in the team will be reduced, handing over most of the day-to-day duties to general manager Steve Mills.

"While we are currently evaluating how best to move forward regarding the leadership of the organization, I will not be involved in the operation of the team," Dolan said. "Steve Mills, the team's general manager, will run the day-to-day business of the organization over the short term."

Dolan's leadership and direction have been questioned by fans after the Knicks and Rangers had under-whelming performances in the early 2000s. The Knicks did not make the playoffs between the 2003-2004 and 2010-2011 seasons, and Dolan was blamed for the lackluster performance.

He has been labeled in the media as the "worst owner in the NBA" for his apparent mismanagement and conduct on and off the court.

In April, he called Mike Hamersky, a Knicks fan, an "a--hole" when Hamersky heckled him on the court, according to a report by the New York Post. When Dolan walked past Hamersky during a game against the Chicago Bulls, the 35-year-old attorney yelled at Dolan to sell the team. Dolan walked angrily up to Hamersky and started screaming at him.

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According to the Post's phone interview with Hamersky, Dolan's next actions were confrontational. "He continued to walk past me, opened the limo door, then closed the door, turned around and walked all the way back and said, ‘Who said that?'” said Hamersky.

"Then [Dolan] got 2 inches from my face and started screaming. That’s all I said, and he started cursing at me. He said multiple times I’m not getting in the game," he continued.

Later Dolan took credit for cursing out the fan to the website Deadspin. "I did call him an asshole,” Dolan said, “because he is an a--hole."

The hot-headed Knicks owner also got into a feud with former Knicks power forward Charles Oakley after Dolan claimed Oakley was taunting him from his nearby seat at Madison Square Garden, which Oakley said he paid for. Subsequently, Dolan banned Oakley from attending Knicks' games at the Garden.