(CBSNewYork) — The Knicks franchise may soon be sold.
As Crain’s first reported, shares in Madison Square Garden Co. soared after owner James Dolan announced Thursday he was exploring a spin-off separating the Knicks and Rangers from the rest of Madison Square Garden.
If this alleged spin-off were to happen, Dolan would still remain in charge of the teams. It would be the first time the teams haven’t been owned by Madison Square Garden.
According to Crain’s, Dolan seems to be interested in music and entertainment more than sports. They say this option would give him the best chance to cut back on his stakes easily by putting the teams together in a separate public company.
Dolan gained ownership of the Garden and its teams in 1999 after his father, Charles Dolan, acquired them for $650 million two years earlier.