Monday 17 December 2018 16:05, UK
Jim Dolan, the owner of the New York Knicks and Rangers, says he would listen to bids to buy his NBA and NHL franchises.
Dolan, 63, who also serves as chairman of Madison Square Garden, revealed that recent interest from suitors for the Knicks' franchise had exceeded $5 billion.
"No one has come through with a bona fide offer," Dolan told ESPN.
Dolan has been chairman of MSG since 1999 but stepped away from day-to-day operations of the Knicks when he hired president of basketball operations Phil Jackson in 2014.
"I think people have sent feelers out, but never any that were pursued. Yeah, [the feelers are] around that number [$5 billion], but those things, it's like a stock price. It's only important if you're going to buy or sell," Dolan said.
Should that offer arrive, Dolan said he owes it to shareholders to vet the opportunity.
"You have a responsibility as the guy who runs the place to deliver on that for them, that's being open and transparent. And so in that position, I could never say that I wouldn't consider selling the Knicks.
"Now, my family is not in that position, and they are the majority shareholders. They hold the majority of the vote. As a majority owner, I don't want to sell, either.
"As the head of the public company, you can't say you can't sell, because then you're telling your shareholders that your own personal feelings about your assets are more important than their money. And they won't invest with you if you do that."
