In a recent Front Office Sports article written by Ben Horney, Jonathan Boyar, discussed why Madison Square Garden Sports (MSGS)—owner of the Knicks and Rangers—remains deeply undervalued. Following the Los Angeles Lakers’ record $10 billion sale, Boyar argued that the Knicks alone could be worth even more and that the company’s current structure is trapping billions of dollars in hidden value.
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Boyar recently published an open letter urging James Dolan to consider a separation of the Knicks and Rangers or to bring in a strategic investor to help unlock shareholder value. As he noted, both franchises are “one-of-a-kind assets,” yet MSG Sports trades at a fraction of their combined estimated worth.
While acknowledging that Dolan maintains control of MSG Sports, Boyar emphasized that the goal isn’t confrontation but accountability. “If you shine enough light on something, other shareholders will take up the case,” he told Front Office Sports. “Our objective is simply to remind MSG Sports of its fiduciary duty to shareholders.”
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Important Information: Performance Information. Past performance does not guarantee future results. The reports in this sample are for informational purposes only and the performance of the stocks selected is not indicative of the performance of all the stocks profiled in Boyar Research. The performance of the stocks selected and the performance of the stocks in Boyar Research may in fact diverge materially. Additional information regarding the performance of other companies featured in Boyar Research is available from Boyar Research upon request. This information is not a recommendation, or an offer to sell, or a solicitation of any offer to buy, an interest in any security, including an interest in any investment vehicle managed or advised by affiliates of Boyar Research. Any information that may be considered advice concerning a federal tax issue is not intended to be used, and cannot be used, for the purposes of (i) avoiding penalties imposed under the United States Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter discussed herein. Clients of an affiliate of Boyar Research and employees of Boyar Research own shares in MSGS.
