The Knicks’ rough start to the season could cost Madison Square Garden shareholders a projected $6MM in profits, Darren Rovell of ESPN.com reports. The estimate was posited by Rich Tullo, director of research for Albert Fried & Company, which covers the MSG stock, Rovell notes. “As the Harlem Globetrotters are the only New York professional [basketball] team winning in Madison Square Garden this season, we cut our estimates to reflect light TV ratings,” Tullo said. “Following more than 20 games highlighted by creative destruction, we think the sample set is large enough to determine lower estimates.” Rovell does note in the article that MSG stock is actually up more than 14% over the last three months.
Here’s more from the Big Apple:
- Carmelo Anthony says that his new $124MM contract and superstar status can influence the Knicks’ winning ways only so much, Marc Berman of The New York Post writes. “I didn’t think it would be like this,’’ Anthony said. “I’m like, why? Time goes by so fast and one thing you realize, you can’t control winning. It’s out of your control. You can control what you do. You can control your work ethic and your mindset when it comes down to winning. Everything has to be synchronized from ownership all the way down to the staff. Everything has to be in sync.’’
- Suns point guard Goran Dragic, who has a player option for next season of $7.5MM that he is likely to decline, would be a perfect fit for the Knicks and the triangle offense, Berman writes in a separate article. Any deal to acquire or sign Dragic would mean the Knicks would have to move Jose Calderon, who has two more years left on his contract after this season, Berman notes.
- TNT basketball analyst Charles Barkley believes that the Knicks’ theory that free agents will flock to New York because Phil Jackson is team president isn’t a sound one, Ian Begley of ESPNNewYork.com writes. “This theory that [the Knicks] got all these expiring contracts, they got all this money, that people are going just be flocking to New York because of the great Phil Jackson, I think it’s a flawed theory,” Barkley said. “You got to admire and respect what Phil Jackson has accomplished but this notion that all these free agents are going to give up [money]? To think guys are going to turn down $30, $40, $50 million dollars to come to New York just because you got Phil Jackson, I just think that’s a flawed theory.”