Cablevision is preparing to explore the possibility of spinning off its MSG sports empire which includes the Knicks, Rangers and the Madison Square Garden facility.

Such a spinoff could indicate the sale of MSG but it may be more likely that the business will continue to be owned and operated by the Dolan family.

Some industry analysts expect the Dolans to maintain control of MSG over the long term, even after Cablevision's cable business is sold.

"[T]he notion that the Dolans would retain ownership of MSG and the New York sports teams long after the rest of the assets had been divested has always been viewed as among the most likely outcomes," Craig Moffett, a senior analyst at Bernstein Research, wrote in a report.