Why Jimmy Dolan should seriously consider taking MSG private, selling the Knicks & the Rangers, or walking away from his latest Sphere gamble and instituting more shareholder friendly moves. This in our opinion, will greatly increase shareholder value.
Share to linkedinSometimes I think of you as the Rodney Dangerfield of investing—investors just don’t give you the respect you deserve. They’ve gone so far as to assign a “Dolan discount” to entities you control—even though long-term shareholders of both Cablevision and Madison Square Garden have been handsomely rewarded thanks to your shareholder-friendly actions. But your latest plan to build a concert/entertainment venue, the Sphere, in Las Vegas for $1.2 to $1.
Simply walk away from the Sphere project, cutting your losses and moving on. Everyone makes mistakes, and those who recognize and face up to them earn an extra helping of respect. In fact, you could go farther still—sell the teams , then dividend the proceeds from the sale of the teams to shareholders. You’ll be a hero on Wall Street—the man who transformed the Dolan discount into the Dolan premium.
You might not be my first choice for running a professional sports team , but your business record leaves me in no doubt that you have a consistent record of creating value. So, for me this Sphere project is a real head-scratcher. You’ve made the occasional questionable deal before, like buying the Wiz for $80 million in 1998—a project you abandoned 5 years later. But the Wiz was.
Jimmy, we’re counting on you to do the right thing for shareholders once more. Prove your critics wrong by abandoning the Sphere—or, if you want to really want to toss the dice on something as big as the Sphere, gamble with your own money.
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