RJ Barrett #9 of the New York Knicks shoots the ball dunks the ball in opposition to the Detroit Pistons on November 6, 2019 at Little Caesars Area
RJ Barrett #9 of the New York Knicks shoots the ball dunks the ball in opposition to the Detroit Pistons on November 6, 2019 at Little Caesars Area in Detroit, Michigan.
Chris Schwegler | Nationwide Basketball Affiliation | Getty Photographs
An activist investor in Madison Square Garden Co., Blue Harbour Group, is encouraging the sale of a portion the New York Knicks and New York Rangers with the intention to increase MSG share efficiency forward of the deliberate spinoff of the sports activities groups, Bloomberg Information reported this week.
Shares of Madison Sq. Backyard rose 1.1% on Thursday on the Bloomberg report from Wednesday that Blue Harbour Group’s CEO, Clifton Robbins, estimates that the 2 New York sports activities workforce are price as a lot as $7.2 billion, and believes a potential sale of the a part of MSG’s stake it plans to retain can be an effective way to maximise shareholder worth.
James Dolan, government chairman and CEO of MSG, has been planning to spinoff the struggling New York groups from the opposite MSG belongings, which embody the Madison Sq. Backyard enviornment and Radio Metropolis Music Corridor. MSG plans to retain one-third of the sports activities belongings after the spinoff. Robbins, whose agency has a 4% stake in MSG, is reportedly pressuring Dolan to promote a portion of the sports activities franchises forward of the deliberate spinoff to start with of 2020.
MSG, which has a market worth of about $6.6 billion, would get a…