Madison Square Garden Co. executive chairman James Dolan has long been chastised for being too involved in player decisions at the New York Knicks.
Now, a phenom point guard who was almost let go by the team is boosting Dolan’s fortunes.
Since Jeremy Lin was called up from the Erie Bayhawks and began his unexpected NBA blitz Feb. 4, shares of MSG, the team’s parent, have surged to a record high, climbing 10.2 percent to close at $32.32 yesterday.
In the same period, the Standard & Poor’s 500 index has gained 0.5 percent.
Dolan has seen the net worth of his MSG stake surge by $568,026 since the 23-year-old Lin started his improbable NBA clinic. Meanwhile, CEO Hank Ratner has stock worth an additional $1.1 million.
In terms of MSG market cap, every bucket Lin has scored since his Feb. 4 start has been worth $3.4 million — $5.1 million for a three-pointer.
Meanwhile, he is being paid about $762,200 this year.
While points on the court don’t transfer directly to the Big Board, investors aren’t just buying the buzz.
In a shortened season, the Knicks have suddenly climbed into postseason contention. And the frenzy over Lin is no doubt giving MSG’s cable network bargaining power in its ongoing dispute with Time Warner Cable. Time Warner has not broadcast a Knicks games since Jan. 1, as the companies try to hammer out how much Time Warner Cable will pay in programming fees.
Meanwhile, ticket prices to Knicks home games have surged between 42 and 81 percent in the past week, according to online resale market TiqIQ. The average seat for last week’s game against the Lakers cost $514. And the cheapest seats available for the upcoming Saturday game against the Sacramento Kings were selling for $79 yesterday, up from $29 a week ago.
The returns, however, are about as tenuous as a one-point lead. MSG earnings were down by 22 percent in the most recent quarter, because of the early-season lockout. And Lin’s hot hand could cool or he could be injured.
But until then, fans of underdogs, Asian hoopsters, Ivy League athletes or those who love the Knicks franchise will be watching closely while buying tickets and jerseys. Meanwhile, scores of traders will have an excuse to watch basketball at work.
Now, a phenom point guard who was almost let go by the team is boosting Dolan’s fortunes.
Since Jeremy Lin was called up from the Erie Bayhawks and began his unexpected NBA blitz Feb. 4, shares of MSG, the team’s parent, have surged to a record high, climbing 10.2 percent to close at $32.32 yesterday.
In the same period, the Standard & Poor’s 500 index has gained 0.5 percent.
Dolan has seen the net worth of his MSG stake surge by $568,026 since the 23-year-old Lin started his improbable NBA clinic. Meanwhile, CEO Hank Ratner has stock worth an additional $1.1 million.
In terms of MSG market cap, every bucket Lin has scored since his Feb. 4 start has been worth $3.4 million — $5.1 million for a three-pointer.
Meanwhile, he is being paid about $762,200 this year.
While points on the court don’t transfer directly to the Big Board, investors aren’t just buying the buzz.
In a shortened season, the Knicks have suddenly climbed into postseason contention. And the frenzy over Lin is no doubt giving MSG’s cable network bargaining power in its ongoing dispute with Time Warner Cable. Time Warner has not broadcast a Knicks games since Jan. 1, as the companies try to hammer out how much Time Warner Cable will pay in programming fees.
Meanwhile, ticket prices to Knicks home games have surged between 42 and 81 percent in the past week, according to online resale market TiqIQ. The average seat for last week’s game against the Lakers cost $514. And the cheapest seats available for the upcoming Saturday game against the Sacramento Kings were selling for $79 yesterday, up from $29 a week ago.
The returns, however, are about as tenuous as a one-point lead. MSG earnings were down by 22 percent in the most recent quarter, because of the early-season lockout. And Lin’s hot hand could cool or he could be injured.
But until then, fans of underdogs, Asian hoopsters, Ivy League athletes or those who love the Knicks franchise will be watching closely while buying tickets and jerseys. Meanwhile, scores of traders will have an excuse to watch basketball at work.
