Knicks owner James Dolan willing to sell the team for a 'bona fide offer' around $5 billion

Over the summer, shares of the Madison Square Garden company spiked due to the fact that James Dolan was reportedly "laying the groundwork" to sell the New York Knicks, according to the business outlet, Crain's. Not many people took the report all that seriously though, and obviously Dolan still owns the team, which will be in action on Monday night when they host the Phoenix Suns (7:30 p.m. ET -- Watch on FuboTV with the NBA League Pass extension). 

However, the enigmatic owner has now given an interview in which he brought up the possibility of selling the franchise. The price tag, though, is staggering, and Dolan says he hasn't received any serious offers. Via ESPN:

"You hear numbers all the time," Dolan told ESPN when asked about selling the team. "... 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."

"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."

It's obviously important to note that in that response Dolan said he doesn't want to sell the team. The majority owner preferring not to sell is a pretty big impediment to any sale.

Still, it's notable that this is now the second time in a few months that the possibility of Dolan moving on from the Knicks has come up. Earlier this year he also tried to sell the WNBA's New York Liberty, but was forced to hold on to the club when a suitable buyer couldn't be found -- though he did kick the team out of Madison Square Garden. 

Even if nothing is imminent, the possibility of selling the Knicks certainly appears to be on Dolan's mind. 

NBA Writer

Jack Maloney lives and writes in Milwaukee, where, like the Bucks, he is trying to own the future. Full Bio

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