MSG stock has surged following the news that entrenched New York Knicks and Rangers owner James Dolan may be selling his sports franchises.
According to an announcement late Wednesday, MSG chairman and CEO Dolan is considering a move that would pave the way for an eventual sale of the Knicks and Rangers, reports Crain's NY.
Dolan, who inherited both teams as part of his family business, has long been accused of meddling in the operations of both the Knicks and Rangers. After years of having fans scream at him to sell his teams, Dolan has apparently come to realize that he's more interested in the music and live entertainment business than sports.
The mogul wants "to be more Elon Musk than George Streinbrenner," one analyst told Crain's.
Should Dolan follow through, he'll have plenty of cash to fund his next venture. This past February, Sports Illustrated valued the Knicks alone at $3.6 billion. The Rangers are reportedly worth $1.5 billion.
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