Ever wanted to own an NBA team? It’s easier than you think. As of today, you can buy shares of Madison Square Garden — parent company of the Knicks, the NHL’s New York Rangers and the WNBA’s New York Liberty.
MSG’s corporate parent, Cablevision, just completed a spin-off of those sports and entertainment properties, which will trade on the NASDAQ under the ticker symbol MSGNV. The new company includes the three teams and their home arena as well as several regional sports networks, Radio City Music Hall and other performance spaces.
The performance of the sports and entertainment properties has been — to be kind — a bit spotty for the last several years. Cablevision’s television and Internet businesses are highly profitable.
The split should make it easier to sell the teams if and when Charles Dolan and his son James decide to cash out. For now, both companies will continue to be controlled by the Dolan family; they’ll reportedly own approximately 70 percent of the voting stock — much to the disappointment of fans who regularly name the junior Dolan one of the NBA’s worst owners.
Want to Buy the Knicks? originally appeared on About.com Basketball on Tuesday, February 9th, 2010 at 10:24:38.
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