New York Knicks Owner James Dolan Open to Selling Franchise
Everything in this world has a price – including the New York Knicks.
Team owner James Dolan has recently revealed that he is open to selling his franchise if he receives the right offer that is. Back in 1999, Dolan took over as chairman of the grandest arena in the world, Madison Square Garden and currently owns both the Knicks and the New York Rangers.
“You hear numbers all the time,” Dolan told ESPN on the topic. “… 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.”
While Dolan has admitted that he has received offers upward of $5 billion for his franchise, he has not yet received a legitimate offer which made him consider cutting ties with the Knicks.
The Knicks have not won an NBA championship since 1973 and have undergone consistent turmoil and drama under Dolan’s ownership regime. Of course, for Dolan, business remains the first priority, stating that ” you still have a responsibility to your shareholders.”
At the start of 2018, Forbes estimated the Knicks’ worth at $3.6 billion, by far the highest valued team in the NBA, ahead of the Los Angeles Lakers ($3.3 billion) and Golden State Warriors ($3.1 billion).
“You have a responsibility as the guy who runs the place to deliver on that for them [shareholders],” Said Dolan. “That’s being open and transparent. 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.”
At present, Dolan may not feel ready to sell the Knicks, but it certainly seems to be an option in the very near future.