On Monday, longtime MSG analyst Jonathan Boyar joined CNBC's “Overtime” program, during which he revealed that there is a very good chance New York Knicks team owner James Dolan will be selling the team in a couple of years. Dolan is the primary shareholder of Madison Square Garden Sports, the company that owns both the Knicks and the New York Rangers.
The sister company, Madison Square Garden Entertainment, is currently finishing a project in Las Vegas called “The Sphere.” According to Boyar, when that deal is completed, Dolan will look to sell off both the Knicks and the Rangers.
“We think it’s likely that after that is done, James Dolan, who controls the company, will sell the teams”
— Longtime MSG analyst Jonathan Boyar tells CNBC that Knicks & Rangers parent MSG Sports likely to sell after Vegas concert venue MSG Sphere is completed next year pic.twitter.com/p9eP5geBZn
— New York Basketball (@NBA_NewYork) August 16, 2022
Nothing would bring more joy to Knicks fans than for Dolan to sell the franchise. New York fans have been clamoring for Dolan to sell the team for almost two decades. The Knicks have struggled to remain relevant in NBA circles. The last time they were considered actual contenders for a championship was in the 1990's with Patrick Ewing, John Starks, Charles Oakley and company.
In 2001, the Knicks lost in the first round of the Eastern Conference playoffs. In the 21 years since then, New York has made the playoffs five times. 2013 was the only one of those five where they were not eliminated in the first round.
The Knicks were recently evaluated at approximately $6 billion. So, even though Knicks fans have wanted Dolan to sell the team for his perceived failure to produce a winning basketball team, shareholders are likely very glad he never did. The value of the franchise has only continued to escalate over time.
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