NBA lockout hurting Madison Square GardenPosted by Inside Hoops
The biggest losers of the NBA lockout may turn out to be Madison Square Garden’s shareholders.
MSG, the publicly traded company that owns the famous arena, the New York Knicks and the MSG sports network, is facing a $70 million revenue hit if the league’s entire 82-game season is a wash, according to expert estimates.
The loss of the first two weeks of the season, which would have started Nov. 2 against the Miami Heat, will put as much as a $10 million dent in MSG’s revenues, according to estimates.
And the chances of the new season tipping off anytime soon is growing dimmer with NBA Commissioner David Stern describing league negotiations as “far apart.” …
Media analyst Rich Tullo at Albert Fried & Co. forecasts that from Nov. 2 to Nov. 14 lost ticket sales — as well as sales of beer, hot dogs and other merchandise at the 19,000-seat arena — will drain as much as $7 million from MSG’s coffers.
Another $3 million in lost advertising dollars could come from MSG Networks, where ratings have averaged about 137,000 per game, according to MSG figures.
– Reported by Mark DeCambre and Claire Atkinson of the New York Post