Larry Bird Returning To Pacers As President

3:57pm: The Pacers have confirmed Bird's return in a press release, announcing that he has agreed to a new multiyear deal.

"We are all very happy to have Larry back," Simon said in a statement. "When he left last July, Donnie and I both told him the door would be open for him to come back when he’s ready. Larry had a huge impact on this team and where it is now so it’s fitting that he comes back at this time. Donnie has been a friend and a valuable contributor to the franchise and will continue to be both. I wanted him to agree to stay in some capacity as I believe with Larry and Kevin, it gives us three of the best basketball minds in the business."

3:17pm: After a year away from the team, Larry Bird is returning to Indiana to reclaim the position of president of basketball operations, reports Bob Kravitz of the Indianapolis Star. The Pacers will officially announce the move at a press conference scheduled for tomorrow morning at 9:00am central time.

For the 2012/13 season, Donnie Walsh acted as the president of basketball ops for the Pacers, but indicated he'd be ready to step aside if Bird decided to return. Bird, who took the year off to deal with physical issues and to clear his mind, is prepared to resume his duties in Indiana starting on Monday.

"He’s got plenty of rings of his own, now I want him to win one for me," said Pacers owner Herb Simon. "He’s got his energy back, his health back and he’s raring to go."

According to Kravitz, GM Kevin Pritchard will remain in his current position, acting as Bird's No. 2. Walsh will step down as president of basketball ops, but will act as a consultant for the franchise.