The Knicks have cut ties with head coach Jeff Hornacek, the team announced on Thursday morning.

ESPN's Adrian Wojnarowski and the New York Post's Marc Berman were first to report the move early Thursday morning. The move came just hours after the Knicks finished the season with a 29-53 record. This season marks the fifth consecutive year the franchise has failed to make the postseason.

Hornacek's time in The Big Apple was marred by a messy offseason parting with former All-Star Carmelo Anthony, whom the Knicks traded last summer to Oklahoma City. The team then tried to rebuild around Kristaps Porzingis, who appeared on his way to a breakout year. The 22-year-old's season was cut short, however, by a torn ACL in early February.

At the time, the Knicks were already nine games under .500 and five games out of the playoffs. They spiraled further without Porzingis, enduring eight and nine-game losing streaks on the way to their third sub-30-win campaign over the last 10 years.

Hornacek coached just two seasons with the Knicks after a two-and-a-half-year stint with Phoenix. He finishes his New York tenure with a record of 60-104 after going 101-112 with the Suns.

Wojnarowski further reported that the Knicks are expected to contact Mark Jackson, David Fizdale, David Blatt and Jerry Stackhouse as candidates for their coaching vacancy.