Rangers Knicks & Garden possibly up for sale?
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08-06-2008, 06:42 PM
Change is good.
Join Date: Aug 2005
Location: Brooklyn of course
There's a source for you.
Speaking as an ex-I-banker, you need to understand that this only means there's a small chance that they might sell the garden & the teams. They've hired advisors to "unlock value" which means that they're analyzing the entire portfolio of assets at Cablevision and looking at how best to reconfigure them to increase the overall value. This
indeed mean selling pieces of the empire - but it's not clear which pieces (for example the slapshots piece speculates that it could be Rainbow Media). And it could also mean that they don't sell anything and instead issue special shares that track the performance of one or more of the company's subsidiaries, spin out individual business units into the public market, leverage some of their assets (although that'd be tough in the current environment), etc.
And regardless of whatever the I-bankers wind up suggesting... Chuck and Junior might just say "thanks for the analysis", pay the fee and do nothing.
Don't hold your breath on the Rangers being up for sale - especially since Junior runs the Garden.
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