Egyptian billionaire Nassef Sawiris just made a big investment in North American sports.
Sawiris, the richest person in Egypt with an estimated net worth of $6.4 billion, now has a 5% stake in Madison Square Garden Sports Corp., the holding company that owns the New York Knicks and Rangers.
His position is set to grow to 6.3% by March 2021 according to a filing, which would make Sawiris the third-largest shareholder in the company behind Silver Lake and Vanguard.
Madison Square Garden Sports has seen its stock price fall more than 14.38% this year as the pandemic impacted the business of its teams. It also owns Counter Logic Gaming, an NBA G League team and an AHL team.
MSGS 2020 Fiscal Year:
- $603.3 million in revenue, down 17% year-over-year
- Adjusted operating loss of $27.5 million, compared to income of $11.2 million in FY 2019
The Knicks and Rangers lost a combined 13 home games when the NBA and NHL concluded their seasons in bubbles.
The shortened NBA season begins on Dec. 22; the NHL is reportedly eyeing a Jan. 13 start date.
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