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.
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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