Many New York Knicks fans have long been praying for the day when their unpopular owner, James Dolan, finally decides to sell the storied franchise. Could that day be getting closer to reality?
As Market Watch’s Trey Williams reports, BTIG analyst Brandon Ross thinks there’s a possibility Dolan may finally consider selling his stake in the team.
“Following the sale of the Houston Rockets for $2.2 billion, we would not be surprised to see the Dolan family consider a sale of the Knicks and/or the Rangers,” Ross wrote in a blog post to investors on Monday.
Williams explains that the Dolans built their fortune through cable. But with that industry taking a hit in recent years with more and more people cutting the cord, the family has been maneuvering to separate themselves from that business.
There’s a belief that the Dolan family is looking to sell MSG Networks, the Knicks’ television network. And given Dolan’s past views on the potential decline in the value of sports content, the thinking is that they may also consider cashing in on the Knicks.
“Given Dolan’s views, we would think he would have to consider at least partially monetizing MSG’s sports interests (even with the Knicks at a competitive lull), if not now than in the near- to medium-term,” Ross wrote. “The largest dollar upside would clearly come from selling all or part of the Knicks.
“Is it conceivable that the Knicks alone could fetch over $4 billion? The current value of all of MSG is about $4 billion.” Earlier this year, Forbes tagged the Knicks’ worth at $3.3 billion.
While it’s still way too early for Knicks fans who want Dolan out to start celebrating, it should at least give them some hope that there’s a slightly better possibility of that happening than there was in the past few years.
Follow Us
Subscribe