As Glen Sather steps down from his role as New York Rangers president, there's one thing he wishes he could have accomplished.

"I certainly would have been happier about it if we'd won the Stanley Cup," the longtime executive told Larry Brooks of The New York Post on Thursday. "We had the opportunity to do it, but those three overtime losses in the (2014) final in L.A. … that’s the biggest regret.

"But then also the reality that we were starting to get older - not me personally, but the team - and we could see that we would need to make changes to get better. That's always painful."

Sather informed the team Thursday that he'll be stepping back into a senior advisory role, and the club made it official later in the day.

The 75-year-old will now work closely with Madison Square Garden chairman James Dolan on the search for a replacement that will begin immediately. Sather said he hopes to have a successor in place by July 1, but that it "would be great" if the team could hire someone before the draft on June 21.

"I can recommend the guy, but it's Jim's choice in the end," he added.

Jeff Gorton will stay on as general manager.

Sather joined the club in 2000 after winning the Cup five times as team president and GM of the Edmonton Oilers from 1984-90. He was also the head coach for four of those titles.