updated 11:00 p.m. ET April 2, 2008

NEW YORK - Donnie Walsh is in. Now he needs a little time before deciding if Isiah Thomas is out.

Walsh was hired Wednesday as the New York Knicks’ president of basketball operations, taking one of Thomas’ jobs. Sometime soon, Walsh will decide if Thomas keeps the other one as coach.

That won’t happen yet, though. Thomas was in Memphis, where the Knicks continued a five-game road trip with a 130-114 loss, and Walsh won’t determine the coach’s future until they have met in person.

“I need to sit down with Isiah and have a meaningful basketball conversation,” Walsh said.

Thomas was asked if he felt he would need to save his job when they do meet.

“If that’s necessary, you know I think with any new boss you have to sell your program,” Thomas said. “There’d be some things that hopefully he’ll like and I’m sure there will be some things he wants to change.”

Walsh hired Thomas to coach the Indiana Pacers in 2000, and both say they enjoy a good relationship. Walsh said they spoke Tuesday, adding that Thomas has a “great basketball mind” and believes he can still help the organization in some way.

“Whatever I can do to make the Knicks better, that’s what I’ll do,” Thomas said.

Walsh will have complete power to decide. Madison Square Garden chairman James Dolan gave the longtime Pacers executive full autonomy to shape everything from the team’s roster to the organization’s media policy.

“His mandate is clear — do whatever is necessary to turn this team around,” Dolan said.

There is so much to fix.

The Knicks (20-55) are finishing their seventh straight losing season and are just as dysfunctional off the court. Thomas and Dolan were found to have sexually harassed a former team executive, Thomas has feuded with some players this season, and fans at Madison Square Garden frequently chant for him to be fired.

But Walsh, a New York native, said he is not returning home to be a savior.

“I’m not the great new hope. I’m just a guy who’s going to come in and try to create a team.” Walsh said. “And it’s not going to happen overnight, so I don’t want any illusions. But I think it has to get better right away.

“I think the people in this city that are paying money to go to games, they’ve got to see a competitive team. They’ve got to see a team and I think they have to see a team that makes sense that they can say, ’OK, this could get better.’ There has to be a direction, which I think is difficult to do.”

Still, there are high hopes that Walsh can turn around a franchise that hasn’t won a playoff game since 2001. He isn’t sure if he will bring in someone to serve as his general manager.

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