James L. Dolan, chairman of Madison Square Garden and president and chief executive officer of Cablevision Systems Corporation, today announced that Donnie Walsh has been named president, basketball operations of the New York Knickerbockers, in charge of all basketball operations. Both Mr. Walsh and Steve Mills, president and chief operating officer of MSG Sports, will report directly to Mr. Dolan.

Full news announcement is here.

The big question here is if Knicks ownership will really let Walsh truly rebuild the squad from scratch, like they needed to do for years now. What Isiah Thomas kept trying to do is build upon something that wasn’t working, instead of tearing it down from scratch. Walsh needs to ship almost all the current players out as quickly as possible, and that could take quite a while — like, a full season or two, or more. And he needs to finally clear salary cap space and attempt to build a real team with legitimate championship hopes, instead of one that just hopes to reach the playoffs.