3 months ago
For long-suffering fans of the New York Knicks, there may be a light at the end of the tunnel: Team owner James Dolan said there had been “feelers” of offers to purchase the team.
And, since he has a responsibility to shareholders, Dolan said he is taking the offers seriously.
But don’t get your hopes up just yet.
“You have a responsibility as the guy who runs the place to deliver on that for them, that’s being open and transparent,” Dolan said. “And so in that position, I could never say that I wouldn’t consider selling the Knicks. Now, my family is not in that position, and they are the majority shareholders. They hold the majority of the vote. … As a majority owner, I don’t want to sell, either. As the head of the public company, you can’t say you can’t sell, because then you’re telling your shareholders that your own personal feelings about your assets are more important than their money. And they won’t invest with you if you do that.”
The offers for the team have reportedly been upward of $5 billion. To Dolan — who is chairman of Madison Square Garden and also owns the New York Rangers — though, that amount does not even qualify as “a bona fide offer.”
“You hear numbers all the time,” Dolan said. “I think people have sent feelers out, but never any that were pursued. Yeah, [the feelers are] around that number [$5 billion], but those things, it’s like a stock price. It’s only important if you’re going to buy or sell.”
The 63-year-old took over as MSG chairman in 1999 and the Knicks made the NBA Finals that year. They haven’t been back since as the team has gone through seven team presidents and 12 head coaches.
Dolan has already put the New York Liberty of the WNBA up for sale.Read the full story at ESPN