Change brings discomfort. Yet, it’s the only path to rebirth. The New York Knicks have long searched for a spark to end a championship drought stretching back to the 70s. Owner James Dolan’s decision to appoint Tom Thibodeau in 2020 felt like the first turn. Signing Jalen Brunson in 2022 pushed the wheel forward. Hopes rose as the city dared to believe. But in 2025, the journey stalled once again, and with it, another dream collapsed under the weight of expectation.
The Knicks’ 2024–25 season closed with heartbreak in the Eastern Conference Finals. Their spirited playoff journey included a statement win over the reigning champion Boston Celtics. Yet, the dream ended in Indiana. The Knicks parted ways with Tom Thibodeau despite his 61% win season. But looking at the system in the Knicks, doesn’t it feel stale? Like someone dragging a ragged antique piece around until it falls apart.
Thus, after the LA Lakers’ record-setting $10 billion sale, questions are swirling around the true worth of the Knicks. Meanwhile, Boyar Value Group, an investor in Madison Square Garden Sports, claims the current structure is costing billions. With the Knicks bundled alongside the Rangers, Boyar is urging James Dolan to rethink it all. Whether that means a split or a full sale, they believe the franchise deserves more—and could fetch it.
Are the Knicks “trapped” inside MSG Sports?
Following the sale of the Lakers at a record $10B valuation, an activist investor in MSG Sports urged James Dolan to consider splitting up the company—or even selling the Knicks outright.
— Front Office Sports (@FOS) June 28, 2025
Front Office Sports reported: “The statement notes that while Forbes estimates the Knicks’ value at $7.5 billion and the Rangers’ value at $3.5 billion, MSG Sports trades at an enterprise value of $5 billion. As of Thursday morning, MSG Sports’s enterprise value was actually at more than $6 billion, perhaps due to a stock bump that can in part be attributed to enthusiasm about the team’s value after the Lakers deal.”
Though the Knicks don’t own Madison Square Garden, James Dolan holds the reins through MSG Entertainment, which also oversees Radio City Music Hall. Boyar Value Group, in an open letter, reminded Dolan that spin-offs aren’t new to him. MSG Sports emerged from a 2020 spin-off, and Sphere Entertainment followed in 2023. With six Dolans on the board, Boyar made their case clear: it’s time to separate, or at least consider it.
Boyar didn’t hold back, stating Dolan “has a fiduciary duty to shareholders and he should start acting that way.” Yet, they acknowledged his foresight, adding, “The right move thus far has been not to sell the team. Look how much it appreciated in value.” Meanwhile, Dolan’s own stance is firm. When asked if he could ever walk away, he told Brunson and Hart, “No. I could pass it on, right? But I could never walk away. … These are one-of-a-kind assets.”
This is a developing story…
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