December 17, 2018 / 4:26 PM / 2 years ago

BUZZ-Madison Square Garden shares bounce as Knicks owner says considering selling team

** Madison Square Garden jumps nearly 7 pct on Mon after New York Knicks owner James Dolan says he would consider selling the NBA team

** MSG set to snap 4-day losing streak. Stock recently up 5.8 pct at $276.72

** Dolan, CEO of MSG and also owner of New York Rangers NHL team, told ESPN here on Mon there have been "feelers" of up to $5 bln for the Knicks, but that "no one has come through with a bona fide offer."

** Dolan took over as chairman of MSG in 1999 and the Knicks made the NBA finals that year, but they have struggled on the court for vast majority of his tenure

** MSG shares popped 14 pct on Jun 28 after Dolan said he was mulling a spinoff to separate co’s sports businesses from live entertainment. And stock rose ~3 pct on Dec 6 after he settled U.S. securities charges that Dolan said stemmed from a law firm error

** Wall Street overwhelmingly bullish on MSG: 8 analysts rate stock “buy” or stronger, 1 “hold”; median PT $359 (Refinitiv data)

** Today’s move extends stock’s YTD gain to 31 pct, following 23 pct gain in 2017

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