Wednesday September 27, 2023

MSG Sports Open to Selling Stake in Knicks, Rangers

  • MSG Sports president and COO David Hopkinson said the company wouldn't rule out selling a minority stake.
  • Owner James Dolan said last month he's "not retiring anytime soon."
The New York Rangers at Madison Square Garden
Danny Wild-USA TODAY Sports
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The New York Rangers or Knicks — or both — could bring on a new minority owner.

“We have no plans to sell either team … but we would certainly not rule out the possibility of selling a minority stake in the Knicks or the Rangers,” Madison Square Garden Sports president and COO David Hopkinson said Tuesday.

  • Hopkinson referenced changes to the NBA’s ownership rules that allow sovereign wealth funds and private equity firms to invest in teams. 
  • “These are incredibly scarce assets, they’ve got strong business fundamentals that we just reviewed, and we believe they’ve got significant opportunities for long-term growth,” Hopkinson said.

But a new majority owner seems to be out of the question.

James Dolan, owner of both teams through Madison Square Garden Sports, said last month that he’s “not retiring anytime soon. It’s a family-controlled asset, so someone in the family will eventually own it.”

By the Books

Forbes last valued the Rangers at $2.2 billion, a 10% year-over-year increase, and the Knicks at $6.1 billion, a 5% year-over-year increase. The only other NBA team worth more is the Golden State Warriors at $7 billion.

MSG Sports reported $353.7 million in second-quarter revenue on Tuesday, a 22% year-over-year increase.

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