Hope for the suffering Knicks fans
Published on Friday, June 29, 2018, 12:45 pm
A report in Crains New York, Madison Square Garden owner James Dolan "may be the basics" for a sale of the New York Knicks of the NBA and The New York Rangers of the NHL have both long-suffering fans and MSG shareholders on Friday at full speed. [Wednesday] Madison Square Garden Co. – the parent company that owns both franchises – announced on Wednesday that it was a spin-off from the company's sports businesses, which include the Knicks, Rangers and Liberty of the WNBA.
Madison Square Garden Company's shares are currently trading at almost 3 percent at 3:30 ET which is more than $ 8 a share for the day – and these are not even the week's biggest gains. From Wednesday until close to Thursday, MSG shares jumped nearly 9 percent.
From Wednesday to Friday point (to date), stocks in MSG have jumped 20 percent in just about a day and a half. That's more than $ 50 per share for the expensive stock.
Here is a look at the last five days of trading:
During the release, it was said that Dolan is expected to be the CEO of the new company, the story of Crain , said it's easier to put all his sports franchises into a separate company. The Madison Square Garden Company said in a statement to TheWrap: "There are no plans to sell the Knicks or the Rangers."
The Treasury Department said Dolan is more interested in music – he is the frontman of the blues band JD and the Straight Shot – and builds entertainment facilities. MSG also owned the Madison Square Garden Arena and its Hulu Theater, the Radio City Music Hall, the Beacon Theater and the Forum in Inglewood, California.
Dolan acquired ownership of the Knicks in 1999, and despite an unlikely run to the NBA finals this year, the team was the punching bag of the NBA during Dolan's reign. Since 2001, the team has made only four playoff appearances with only one series victory.
It would be an understatement to say that on Friday Knicks fans were excited about the possibility of selling.
When James Dolan sells Knicks I'll cry tears of joy.
– KFC (@KFCBarstool) June 29, 2018
LETS LIFE OUTSIDE THE MADISON SQUARE GARDEN FOR RESPONSE TO THE NEWS THAT JAMES DOLAN SET THE GROUNDWORK TO SELL THE KNICKS !!! pic.twitter.com/ZlkZESyu64
– Andrew Claudio (@Claudio_GSN) June 29, 2018
– Jake Asman (@JakeAsman) June 29, 2018
No Exaggeration – breaking news that Dolan MIGHT is selling the Knicks is the biggest moment for Knicks fans in 19 years (since LJ's 4-9) point shot). That's all you need to know about the James Dolan era.
– Bill Simmons (@BillSimmons) June 29, 2018
While others thought it would be the perfect place for LeBron James, who just became a freelance agent.
Knicks on the verge of getting the ultimate LeBron seat and simply lolling the team lol
– Kazeem Famuyide (@RealLifeKaz) June 29, 2018
Lebron, buy the Knicks.
– Benjy Sarlin (@BenjySarlin) June 29, 2018
Read Original Story MSG Stock Soars on News Owner James Dolan Can Sell Knicks, Rangers at TheWrap