Analyst: Knicks Could Be Worth As Much As $3 Billion
The New York Knicks could be worth between $1.4 billion and $3 billion, according to an analyst at Albert Fried & Company.
The research company was revising its price target for Madison Square Garden stock up to $85 a share.
Rich Tullo wrote that the valuation is "based on percent premiums of recent sales prices paid for franchises such as the L.A. Clippers ($2 billion), the Bucks ($550 million) and New Orleans ($338 million)."
The Clippers sold for $2 billion despite previously being assessed at $545 million.
"While much of the Clippers premium is excessive in our view, we think the bid does suggest the market for iconic sports franchises is robust," Tullo wrote. "We argue despite the recent sale value, intrinsically the New York Knicks as part of MSG are worth at least 50 percent more than the Clippers because MSG operates a regional sports network and owns its arena."