July 22nd 1972: The Knicks extend Red Holzman’s contract
Heading into the 1973 championship season, owner Ned Irish made sure Red Holzman continued to coach the Knicks. Irish signed Holzman to a 2 year extension of his original contract, which expired in 1973. Holzman continued to maintain the role of both coach and general manager. He is only one of two coaches in Knicks history that retained the role of both coach and GM (Isiah Thomas maintained both roles after Dolan fired Larry Brown in 2006). At the time, Holzman was the only coach that held both roles.
At the time, owner Ned Irish did not approve of Holzman holding both roles as coach and general manager. While some of the disagreements became public, Irish did not hesitate to extend the contract due to the team success under his tenure.
After signing the extension, the Knicks won the championship in 1973. Holzman lasted as coach until 1977 before reappearing with the Knicks after a year of hiatus. Red gave up his GM post in 1975 when Eddie Donovan rejoined the organization.