Willis Reed Resigns as Net Coach, Stays With Team as Vice President

Willis Reed stepped down as coach of the New Jersey Nets Friday to accept a five-year contract that will make him an executive with the National Basketball Assn. team.

“I’ve always wanted to stay in basketball,” Reed said. “Coaching or being an assistant can only take you so far. This will open new doors for me and offer new challanges.”

Reed, 47, said that he was not pressured to make the move, that it was a promotion and that he was happy.

Reed became the Net coach in late February 1988 and had a 7-21 record the rest of the season. Last season, the Nets were 26-56.

In his new job, the NBA Hall of Fame member, who played center for the New York Knicks, will be the club’s vice president for basketball and business development.