Updated

The New York Knicks have named Steve Mills the club's new president and general manager.

Mills previously spent 10 seasons with the Knicks' parent company, Madison Square Garden, and will take over for Glen Grunwald, who will remain with the organization as an advisor.

"I am pleased to be able to welcome Steve back to the Knicks," said MSG chairman James Dolan in a statement Thursday. "He is a well-respected sports executive with a strong background in basketball, as well as a familiarity with NBA operations and our company. We look forward to his leadership and believe he is the right person to help us reach our ultimate goal of winning an NBA championship."

Mills first joined the Knicks in September 1999 as executive vice president of franchise operations and became president of sports teams operations for MSG in 2001. He oversaw all business operations for MSG's three sports teams -- the Knicks, NHL's New York Rangers and WNBA's New York Liberty.

"I want to thank Jim for this opportunity to return to the Knicks in this important position," said Mills. "It is an honor and a privilege to work for such a storied franchise and I look forward to doing whatever it takes to make the Knicks a successful franchise and a team that fans can be proud of, both now and in the future."

Mills left MSG to serve as partner and CEO of an investment wealth management group that he created in 2010.

Grunwald joined the Knicks in 2006 and has served the organization in various capacities.

"We are grateful for Glen's many years of valuable service and pleased that he will remain with the organization," added Dolan.

The Knicks have returned to become one of the NBA's top franchises, earning playoff berths each of the last three seasons after a six-year drought. New York won the Atlantic Division last year and lost to Indiana in the Eastern Conference semifinals.