BREAKINGVIEWS-New York Knicks debunk value of corporate teamwork

Madison Square Garden Sports Corp. Class A

Madison Square Garden Sports Corp. Class A

MSGS

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The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

By Sebastian Pellejero

NEW YORK, May 28 (Reuters Breakingviews) - The basketball squad has a shot at its first championship since 1973. Even after a 40% stock-price surge this year, parent MSG Sports, which also owns ice hockey's Rangers, trades at a big discount to a $14 bln estimate for both clubs. It makes the planned breakup a slam dunk.

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CONTEXT NEWS

The New York Knicks completed a 4-0 sweep of the Cleveland Cavaliers in the best-of-seven Eastern Conference finals on May 25, securing a place in the National Basketball Association Finals for the first time since 1999.

Club owner Madison Square Garden Sports said on May 18 that it submitted plans to securities regulators for a proposed spinoff of the New York Rangers ice hockey team.


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