The Madison Square Garden Co. plans to give up its entire equity stake in the New York Knicks next year, while leaving MSG chief Jimmy Dolan in control of the losing team, The Post has learned.
MSG, which also owns the New York Rangers and Radio City Music Hall, announced on Thursday that it’s giving up plans to retain an equity interest in its sports assets after spinning them off into a separate company early next year.
Previously, MSG had planned to spin off two-thirds of its economic interest in the teams to MSG’s current shareholders, while retaining a one-third stake for itself.
But Dolan — notoriously unpopular with fans of the losing Knicks and Rangers — isn’t going away, sources said.
Dolan will still have control of the teams.
Source: NY Post