Knicks trade publicly as MSG chief Dolan nets $10m pay-out

The New York Knicks became the first NBA team in nearly two decades to be traded publicly on Tuesday after a spin-out by owners Madison Square Garden Sports Corp. The Big Apple firm created two companies for its two sports franchises – the New York Knicks and the New York Rangers ice hockey team – which began trading on Tuesday under respective MSGK and MSGR tickets. MSGK opened up and reached $295.70 per share, while the MSGR shares initially fell on Tuesday to $184. Both had offered a discount to the estimated combined $18bn valuation placed on the Rangers and Knicks. The basketball team, which won the NBA championship this year for the first time since 1999, is valued at over $10bn, though that could rise given the LA Lakers were sold for $12bn this summer. The filing, issued this week, states that chief executive James Dolan received a one-time cash award of $10m “in recognition of his significant efforts and leadership”. Knicks on the market “With our board’s ap