Billy Donovan steps down as Bulls coach after six seasons

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The Chicago Bulls and long-time coach Billy Donovan are parting ways, the team announced Tuesday. While the Bulls wanted Donovan back, the veteran coach had an option in his contract for next season and decided to step away from the organization.

"After a series of thoughtful and extensive discussions with ownership regarding the future of the organization, I have decided to step away as the head coach of the Chicago Bulls to allow the search process to unfold," Donovan said in a statement. "I believe it is in the best interest of the Bulls to allow the new leader to build out the staff as they see fit. My gratitude for this community and this organization is permanent. Thank you, Jerry (Reinsdorf) and Michael (Reinsdof0 for giving me this opportunity and more importantly, for the relationship that has been forged. I was so blessed to be able to work with such great owners. I owe so much to my players and staff over the last six years. You have all worked side by side with me, day in and day out to drive the Bulls organization forward. And a huge thank you to Bulls fans, your energy, passion and unwavering support provided a home-court advantage that is generally unmatched around the league."

Donovan still has interest in coaching elsewhere, per CBS Sports' Matt Norlander, but it's unclear when or where Donovan will return to the sidelines.

This is the latest major change for the Bulls, who also fired executive vice president Artūras Karnišovas and general manager Marc Eversley earlier this month. Now, the Bulls will have to fill three key positions this offseason as they try to turn their fortunes around.

Donovan only made one playoff appearance during his six seasons in charge in Chicago and finished with a 226-256 record.

CBS Sports will continue updating this breaking news story.