There goes that. The Nets have elected not to retain PJ Carlesimo, and will begin the search for a new head coach immediately. Via the Daily News’ Stefan Bondy:

Carlesimo is let go says billy king

— Stefan Bondy (@NYDNInterNets) May 5, 2013

Billy king says hell reach out to Phil Jackson, among others
— Stefan Bondy (@NYDNInterNets) May 5, 2013