Rumors of Knicks being on the market refuted by MSG Company

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There was a rumor making the rounds of the NBA on Friday that had New York Knicks owner James Dolan preparing to sell the team.

However, according to a report by Stefan Bondy of The New York Daily News, the rumor was just that.

“There are no plans to sell the Knicks or the Rangers,” read a statement from The Madison Square Garden Company.

Bondy writes:

Two days earlier, Dolan announced he was exploring a move to separate the Knicks and Rangers from the rest of MSG. Theoretically, that would make it easier to sell his stake. It prompted MSG’s stock to soar 18 percent and, according to a Crain’s report, speculation that Dolan had cleared a path to sell.

However, one financial insider told the Daily News he believes Dolan isn’t separating his businesses to sell the Knicks but rather to create capital for new arena projects in Las Vegas and England. Dolan has become increasingly preoccupied with his entertainment businesses and distant from the Knicks, leaving the basketball decisions to team president Steve Mills, and Phil Jackson, previously.