Knicks owner James Dolan has key component facing bankruptcy possibility

The owner of the New York Knicks and Rangers has a massive $804 million debt for MSG Networks that is due at the end of March.

May 19, 2024: Knicks owner James Dolan sits courtside during the first quarter of game seven of the second round of the 2024 NBA playoffs. | Brad Penner-Imagn Images

Even billionaires have bad days.

For New York Knicks and Rangers owner James Dolan, he might be having a rough month with the news that MSG Networks, the once dominant regional sports network, is weeks away from filing for bankruptcy with a massive $804 million debt due March 26, according to Front Office Sports.

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Brad Penner-Imagn Images

That debt was originally slated to be collected last October, but Sphere Entertainment Co., which the MSG Networks fall under, was given a reprieve. It's unclear if Dolan's company will get another stay of execution.

Besides having majority ownership of the the two marquee NYC sports franchises, the 69-year-old billionaire also has controlling stakes in the iconic Madison Square Garden and the new Sphere in Las Vegas, amongst other assets in a usually lucrative sports empire.

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Feb 28, 2025: New York Knicks center Karl-Anthony Towns reacts with guard Jalen Brunson during the third quarter against the Memphis Grizzlies. | Petre Thomas-Imagn Images

MSG Sports Corp., which is the company that the Knicks and Rangers live under, reported a 9% increase in revenue to $357.8 million in the last quarter, but the much-hyped Sphere is still reporting losses of $142.9 million in that same timeframe.

Besides cord cutting, which has decimated the entire regional sports network industry, Sphere Entertainment Co. also blames the national deals for the NBA and NHL for stealing most of the marquee games away from his MSG networks.

To use another sports term, it seems like Dolan needs a Hail Mary to avoid Chapter 11 bankruptcy.

Mar 3, 2025: New York Rangers left wing Artemi Panarin celebrates his empty net goal against the New York Islanders with center Vincent Trocheck. | Brad Penner-Imagn Images

UPDATE: A representative for MSG Networks also provided additional context. "MSG Networks is still pursuing a refinancing, now through a work-out, and has hired advisors to assist with the work-out process... MSG Networks’ debt is recourse only to MSG Networks, and not Sphere or other subsidiaries of Sphere Entertainment."

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