A new report on Tuesday suggests that New York Knicks and Rangers owner James Dolan could put his massive sports empire up for sale in the near future.
A report from MSG analyst Jonathan Boyar during an appearance CNBC yesterday claimed stated that the infamous Knicks, Rangers, and Madison Square Garden owner, James Dolan, is getting closer to selling the team. The team has denied the rumors, but it is still a possibility and would likely not go through for a long time. However, this is one of the first rumblings that something like this would actually happen, ever.
There would be a lot of corporate backing from this sale, as the team would likely be sold to a huge conglomerate, which may not even be a good thing for all the Knicks fans that are rejoicing at the sight of this video.
It seems as if there are a number of minority stakeholders who are looking to take on a bigger portion of the team. It would essentially be transferring ownership control from Dolan to someone who he already works with. Which may just be a temporary respite for Knicks fans. With that in mind, here are some potential buyers for the MSG sports teams and the arena.
Nasseff Sawiris is already a minority stakeholder in the New York Knicks and is a multi-billionaire. Jonathan Boyer, says that Madison Square Garden Sports is arguably worth $6 billion. Sawiris is reportedly worth $7.5 billion, and could hypothetically buy the Knicks outright. If any individual was going to buy the Knicks, I would put Sawiris at the top of the list.
Sawiris has a minority stake in Adidas and runs multiple businesses including a nitrogen fertilizer production company and an engineering and building firm. The Egyptian man certainly has the funds and collateral to purchase the team.
Silver Lake Private Equity
If we were putting odds on the sale of the New York Knicks and New York Rangers, Silverlake Private Equity would be the favorite. The company already owns 9% of Madison Square Garden Sports and has ventured all across the sports industry. They have a stake in City Football Group, Fanatics, Inc., Australian Professional Leagues and so many other huge companies.
Silverlake is one of the largest Private Equity firms in the world and boasts an astonishing portfolio. It would be interesting to see them/or whomever they promote as the figurehead of Madison Square Garden Sports, deal with the internal strife of owning an NBA franchise.
It may not be likely that the New York Met’s owner would invest in another franchise in the same city, but he certainly has the funds to do it and the backing of the people in the city. We have seen the resurgence of the Mets under his ownership after he took over for the Wilpon family, who loomed over the franchise for multiple decades. Two years after purchasing the team, the Mets have the second-best record in the MLB.
My expectations are completely tempered around this, as it will likely not happen. These stories always have a huge build-up for New York Knicks and New York Rangers fans, and they tend to lead to heartbreak. This is the first glimmer of hope in getting a clean slate, and hopefully, within the next two years, a sale can go through.