Are the Knicks for sale? Depends on the offer, says Dolan
James Dolan has refused to rule out putting the New York Knicks up for sale.
American businessman Dolan, who also owns NHL franchise the New York Rangers, took the helm in 1999 and has overseen a total of 14 losing seasons during his tenure.
He put WNBA team the New York Liberty up for sale in November 2017 and confirmed he is always open to offers for the Knicks, too.
"I love the Knicks and Rangers, right, but you still have a responsibility to your shareholders. They're not there because they're fans. You don't invest hundreds of millions of dollars in a stock because you're a fan," Dolan told ESPN.
"You do it because you think that the business is going to increase in value, that the stock price is going to go up. You have a responsibility as the guy who runs the place to deliver on that for them, that's being open and transparent. And so, in that position, I could never say that I wouldn't consider selling the Knicks.
"Now, my family is not in that position, and they are the majority shareholders. They hold the majority of the vote.
"As a majority owner, I don't want to sell, either. As the head of the public company, you can't say you can't sell, because then you're telling your shareholders that your own personal feelings about your assets are more important than their money. And they won't invest with you if you do that."
Forbes valued the Knicks at $3.6billion in July 2018 and Dolan admitted he has received "feelers" worth upwards of $5billion for the team.
"No one has come through with a bona fide offer. You hear numbers all the time," said Dolan.
"I think people have sent feelers out, but never any that were pursued. Yeah, [the feelers are] around that number [$5 billion], but those things, it's like a stock price. It's only important if you're going to buy or sell."
The Houston Rockets are the most recent NBA franchise to go through an ownership change, selling for $2.2 billion to Tilman Fertitta in 2017.