Madison Square Garden Co. shares rose on Monday after executive chairman James Dolan told ESPN that he hasn't ruled out selling the NBA's New York Knicks but he has yet to receive a solid offer.
"No one has come through with a bona fide offer," Dolan said in the interview. "I think people have sent feelers out, but never any that were pursued."
MSG shares closed up 1.3 percent in trading. The entity owns the Knicks, the New York Rangers and additional venues besides the arena including Radio City Music Hall.
The stock initially rose as much as 5 percent, as Dolan told ESPN that he "could never say that I wouldn't consider selling the Knicks." While Dolan reportedly has received "feelers" at around $5 billion, he said has never received any offers "that were pursued." He said "that nobody in my family wants to sell the Knicks and Rangers," adding that "as a majority owner, I don't want to sell, either."
But MSG shares fell throughout afternoon trading, as Dolan issued a statement that "there are no plans to sell the Knicks."
The businessman has been widely criticized by sports fans and writers alike for a number of controversial decisions and policies. Dolan has come under fire for his media policies, as well as several contentious athlete trades and contracts.
Read the full ESPN story here.