A report in Crain’s New York that speculated Madison Square Garden owner James Dolan “may be laying the groundwork” for a sale of the NBA’s New York Knicks and the NHL’s New York Rangers has both long-suffering fans and MSG shareholders riding high on Friday.
On Wednesday, The Madison Square Garden Co. — the parent company that owns both franchises — announced that it is exploring a spin-off of the company’s sports businesses, which include the Knicks, the Rangers and the WNBA’s Liberty.
Shares of the Madison Square Garden Company are currently trading up nearly 3 percent as of 3:30 p.m. ET, which is more than $8 per share for the day — and those aren’t even the biggest gains of the week. From Wednesday’s close to Thursday’s open, shares of MSG leaped nearly 9 percent.
From Wednesday’s close to Friday’s high point (so far), shares in MSG have jumped 20 percent in just about a day and a half. That’s more than $50 per share for the pricey stock.
Here is a look at the last five days of trading:
While the release stated that Dolan is expected to be the CEO for the new company, the Crain’s story said that putting all of his sports franchises into a separate company makes it easier to offload them. The Madison Square Garden Company said in a statement to TheWrap, “There are no plans to sell the Knicks or the Rangers.”
The financial outlet said Dolan is more interested in music — he is the frontman for blues band JD and the Straight Shot — and building entertainment venues. MSG would remain the owners of the Madison Square Garden arena and its Hulu Theater, Radio City Music Hall, Beacon Theatre and the Forum in Inglewood, California, among others.
Dolan assumed ownership of the Knicks in 1999, and, despite an unlikely run to the NBA Finals that year, the team has been the NBA’s punching bag during Dolan’s reign. Since 2001, the team has made just four playoff appearances, with only one series win.
It would be an understatement to say that Knicks fans were excited on Friday at the possibility of the sale.
If James Dolan sells the Knicks I'll legit cry tears of joy.
18 Dramatic Championship Sports Movie Moments: From 'Rocky' to 'Remember the Titans' (Photos)
"The Pride of the Yankees" (1942)
This beautifully dramatized moment of sports history, as wonderfully monologued by Gary Cooper, helped to immortalize the already infamous "Luckiest man" speech by Lou Gehrig.
In the ultimate underdog story, newcomer Rocky Balboa (Sylvester Stallone) gets a shot at the world heavyweight title against champ Apollo Creed. Rocky proves he has the goods, going the entire 15 rounds against Creed, but loses in a split decision. Rocky would get a rematch though and win the title in “Rocky II”.
"Breaking Away" (1979)
One of the most inspiring underdog stories ever made, the Little 500 bicycle race in Bloomington, Indiana, is a local classic as made famous by this film. In the film's closing race scene, the locals -- dressed in plain white T-shirts with their nickname the "Cutters" -- upset the richer college students with more expensive bikes and uniforms, riding across the finish line in pure glory.
“Chariots of Fire” (1981)
Two Englishmen push each other to be the best sprinter at the 1924 Olympics. While they won gold on the big screen’s racetrack, “Chariots of Fire” would go on to win Oscar gold for best picture.
“The Natural” (1984)
Robert Redford plays middle-age rookie Roy Hobbs in “The Natural.” Hobbs leads his team to a championship on his final at-bat when he launches the most famous home run in movie history. Thus proving the unspoken rule in baseball: If you break the lights you win the game.
Another Indiana classic in what is widely considered one of the greatest sports movies of all time, “Hoosiers” follows a small town high school basketball team as they make it all the way to the state finals. They play a bigger and more athletic team in the finals, but with a last second shot pull off the surprise victory.
“Major League” (1989)
Charlie Sheen and Tom Berenger lead an outfit of misfit Cleveland Indians from last place to a shot at the league pennant against the powerhouse Yankees. Even though the film is a comedy, the final game plays out in dramatic fashion.
“A League of Their Own” (1992)
“A League of Their Own” proved that girls can play baseball, and ends in a play at the plate that determines the championship. Geena Davis’ Rockford Peaches may lose that final game, but as Tom Hanks taught us, “there is no crying in baseball!”
Steve James’ revolutionary documentary follows inner-city Chicago kids William Gates and Arthur Agee throughout their high-school basketball careers. The film culminates in both striving to reach the finals of their city wide championship tournament.
“Remember the Titans” (2001)
Based on the true story of Virginia’s first integrated high school football team (led by coach Denzel Washington), the Titans not only change the views of an entire town, but they go undefeated on their way to a thrilling state championship against an all-white team.
“Friday Night Lights” (2004)
The film that spawned the critically acclaimed TV series (which in turn may spawn a film of its own) is memorable in that its featured team doesn’t win the championship. The Permian Panthers mount a great comeback, but come up one yard short of the state title.
In perhaps one of the greatest upsets in sports history, a team of U.S. college hockey players defeated the Soviet Union, the three-time defending gold medal winner and best team in the world, during the Cold War.
Okay, okay. This is really a parody of sports movies. But for all its send-ups of underdog sports movie formulas, it also embraces them full-heartedly during the gripping championship showdown between the Average Joes and Globo Gym.
“The Fighter” (2010) David O. Russell‘s Oscar-winning picture depicted boxer Mickey Ward’s (Mark Wahlberg) climb up the ranks from middling contender to a shot at the title. The final fight shows the grit and heart that it took for Ward to win the belt.
The best sports documentaries are as riveting as their scripted counterparts, putting viewers right in the action as if they are watching it unfold live. "Senna" is one of the finest examples, using primarily archival footage with no narration and few interviews to show the bitter Formula 1 rivalry between Ayrton Senna and Alain Prost that led to the 1989 and 1990 championships being decided in controversial fashion at Japan's famed Suzuka Circuit.
"Survive and Advance" (2013)
ESPN's "30 for 30" series included a look at arguably the most famous championship run in college basketball history. In 1983, Jimmy Valvano led the North Carolina State Wolfpack on a streak of nine consecutive overtime or one-point wins, culminating in a last-second basket to win the championship over top-ranked Houston. In this documentary, even though the outcome is known, every game's heart-stopping drama is recreated perfectly.
The power and hypnotic beauty of this famous running scene from "Creed" as directed by Ryan Coogler is immense. Michael B. Jordan captures the inspiring training run from the original "Rocky" with a modern spirit. You can feel the emotion of the moment so strongly and can't help but root for him.
"Celtics/Lakers: Best of Enemies" (2017)
Another ESPN documentary that puts you right in the moment. Narrated by Lakers fan Ice Cube and Celtics fan Donnie Wahlberg, this five-hour doc covers the most famous championship rivalry in sports, which peaked with Magic Johnson and Larry Bird in the 80s. The tension hits its peak with Game 4 of the 1987 NBA Finals, in which Bird infamously missed a game-tying three-point shot.
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Whether it’s the thrill of victory or the agony of defeat, TheWrap recaps the biggest moments in these sports classics