至于MSG，它是你的长期投资之一。它的故事是什么？是的，MSG对我们来说是一只很棒的股票。给你一个快速概述，它最初是一家名为Cablevision的公司的一部分，由Dolan家族控制。
每个人都喜欢恨Dolan家族，但他们在2010年分拆了MSG，其中包括Madison Square Garden。我退一步说。他们在1992年或1993年以几亿美元买下了MSG。
一笔非常有利可图的交易。这笔交易包括New York Knicks、New York Rangers、Radio City Music Hall、Madison Square Garden本身，以及许多其他令人印象深刻的资产。
所以，他们在2010年把所有这些都分离出来。自那以后，他们进行了连续的分离。现在，你有MSG Sports，它只包括New York Knicks和New York Rangers。
好吗？该公司的市值为100亿美元。好吗？所以，你可以用100亿美元买下这两支球队。昨天，他们宣布以30亿美元出售New York Islanders的少数股权，这是一支知名度低得多的球队。
至于Los Angeles Lakers，他们以120亿美元被出售，我认为这是一次被迫出售。我的意思是，我认为那个人是被迫出售的，他不得不非常迅速地出售。因此，你可以用100亿美元买下New York Knicks和New York Rangers，这绝对说不通。
那么，Dolan家族在做什么来帮助释放这一价值？在10月的某个时候，他们是否会将它们分拆成两家独立的公司？这样，你将拥有MSG、New York Knicks和New York Rangers。
投资者可以同时买入两者，这将凸显价值估值的差异。它还允许比较篮球队和冰球队的表现。此外，每一支都有独立的买家。通过购买冰球队来做一笔50或60亿美元的交易要容易得多。正是如此。
正是如此。至于Knicks，我认为他们会出售一支或两支球队的少数股权，要么在分拆的同时，要么在分拆后不久。我认为这完全合理，然后他们可以用所得款项回购股票。所以，我认为这就是将会发生的事情。
此外，还有一项即将生效的税法，Rule 162之类的，它基本上规定，如果你是一家在美国的上市公司，你的前五名员工的薪水不能从所得税中扣除。因此，New York Knicks是唯一在证券交易所上市的体育球队。
确实，Toronto Raptors也是一家更大公司的一部分。因此，他处于非常不利的竞争地位。如果你的前五名球员赚1.5亿美元，而你不能从所得税中扣除，你的总收益是1.8亿美元，那么这是一个真正的问题。
因此，他们可能被迫出售，或者法律可能会被修改，但在这个国会修改法律极其困难。所以，有很多可能性。Dolan家族，如你所知，尽管每个人都喜欢恨他们，但他们在出售资产。他们在有线电视估值高峰期卖掉了Cablevision。
所以，也许他们会卖掉其中一支或两支球队，谁知道呢？
As for MSG, it was one of your long-term investments. What's her story? Yes, MSG was a great stock for us. To give you a quick overview , it was originally part of a company called Cablevision, which was controlled by the Dolan family.
Everyone loves to hate the Dolan family, but they split up MSG in 2010, which included Madison Square Garden. I will take a step back . They bought MSG in 1992 or 1993 for a few hundred million dollars.
A very profitable deal . This deal included the New York Knicks, the New York Rangers, Radio City Music Hall, Madison Square Garden itself, as well as many other impressive assets.
So, they separated all of that in 2010. And since then, they have carried out successive separations. And now, you have MSG Sports, which only includes the New York Knicks and the New York Rangers.
Good? The company's market capitalization is $10 billion. Good? So, you could buy both teams for $10 billion. Yesterday , they announced the sale of a minority stake in the New York Islanders, a much less well-known team, for $3 billion.
As for the Los Angeles Lakers , they were sold for $12 billion in what I consider a forced sale. I mean, I think that person was forced to sell, and he had to sell very quickly.
Therefore, it makes absolutely no sense that you could buy both the New York Knicks and the New York Rangers for $10 billion . So, what are the Dolans doing to help unleash this value?
Is there, at some point in October, whether they will split them into two separate companies? So, you'll have MSG, New York Knicks, and New York Rangers. Investors can buy both, and this will highlight the difference in value valuation.
It also allows for a comparison of the performance of basketball and hockey teams. In addition, there are separate buyers for each one. It is much easier to make a $ 5 or $6 billion deal by buying hockey teams. exactly . exactly.
As for the Knicks, I think they will sell a minority stake in one or both teams, either at the same time as the split or shortly after . I think this makes perfect sense , and then they can use the proceeds to repurchase shares.
So, I think that's what will happen. In addition, there is a tax law that will go into effect, Rule 162 and the like, which essentially states that if you are a publicly traded company in the United States, the salaries of your top five employees cannot be deducted from income taxes.
Therefore, the New York Knicks is the only sports team listed on the stock exchange. It is true that the Toronto Raptors are also part of a larger company. Therefore, he is in a highly unfavorable competitive position .
If your top five players earn $150 million and you ca n't deduct it from your income taxes, and your total earnings are $180 million, then that's a real problem. Therefore, they may be forced to sell or the law may be changed, but changing a law in this Congress is extremely difficult.
So, there are many possibilities. The Dolan family, as you know, although everyone loves to hate them, they were selling assets. They sold Cablevision at the peak of cable valuation.
So, maybe they'll sell one or both of them, who knows?