Shares of Madison Square Garden lost value in a big way after the New York Knicks weren't able to sign Kyrie Irving and Kevin Durant in free agency.
According to Daniel Strauss of Markets Insider, Madison Square Garden shares lost over $200 million in market value after the Knicks struck out in free agency. Irving and Durant agreed to sign with the Brooklyn Nets:
The Knicks' inability to land Durant — or any other high-profile NBA free agent — sent shares of the team's parent company sliding as much as 3.4% on Monday. That wiped out as much as $229 million of market value from the stock at its lowest intraday level.
The Knicks continue to be a walking disaster under owner James Dolan, who back in March said he was confident the franchise was going to get at least one superstar this summer.
After missing out on Irving and Durant, the Knickerbockers agreed to deals with Julius Randle, Bobby Portis, Taj Gibson, Reggie Bullock, Elfrid Payton and Wayne Ellington. All six players are good additions, they're just not the star players Knicks fans were hoping to get.
A case can be made New York won't ever get a superstar free agent while Dolan is the owner. Unfortunately, it doesn't look like Dolan will sell the team anytime soon.
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