In a Barron's interview, Dolan also anticipated concert fans would be wowed by the Sphere concert venue, which opens in Las Vegas Sept. 29.
Madison Square Garden Sports chairman James Dolan said he has no interest in selling the company’s pro sports teams—the New York Knicks and Rangers—and that a partial sale is on the back burner now.
“People misunderstood my comments to the Times. I love the teams and enjoy being the owner/manager of them.” he told Barron’s. He noted that given revenue sharing and other constraints, team ownership is a relatively sleepy business with limited annual gains in net revenue and profit. He said it is hard to generate more than single-digit annual sales gains.
Dolan also said there could be an announcement before the start of the Knicks regular season of a sponsorship deal for patches on the team’s uniforms, which could be viewed favorably by investors. The Sphere, meanwhile, is Dolan’s baby and he is its biggest champion, having conceived of the idea and seen it through to completion at a cost of $2.3 billion, about $1 billion above the initial cost estimate. He has followed the construction on a video monitor at the company’s New York offices.
“We’re enthusiastic about building more Spheres. The first step is to put out a product,” he said. “There has been a lot of interest already, but the product isn’t really real until it’s out.”
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Las Vegas Sphere’s Debut Could Lift 3 Dolan-Linked StocksJames Dolan’s Sphere Entertainment looks undervalued, as do Madison Square Garden Entertainment and MSG Sports.
Read more »
Knicks, Rangers owner James Dolan says he doesn't 'really like owning teams'James Dolan has owned the NBA's New York Knicks and NHL's Rangers since 1997 - however, he admitted in a recent interview that he doesn't 'really like owning teams.'
Read more »
LDS Church appeals, says James Huntsman’s tithing lawsuit poses ‘profound threat’ to religious libertyLawyers for The Church of Jesus Christ of Latter-day Saints claims lawsuit over tithing violates the First Amendment, appeals ruling in James Huntsman's fraud case.
Read more »
Raymond James says buy this undervalued retail stockThe firm initiated the stock with an outperform rating and a price target of $135 per share.
Read more »
The case against retiring Carmelo Anthony’s Knicks jersey in the MSG raftersThere has been talk of Carmelo Anthony entering what has become a pretty exclusive club.
Read more »