November 21, 2005
Cablevision says no plans to sell Knicks, Rangers
SAN FRANCISCO (Reuters) - Cablevision Systems Corp. said on
Monday it has no plans to sell basketball's New York Knicks and
hockey's New York Rangers following a media report that it had
received an offer for the professional sports teams.
"We have no plans to sell the Knicks and Rangers and the
inquiry did not look credible to us," a Cablevision spokeswoman
while the Rangers play in the National Hockey League.
According to the Wall Street Journal, an investment group
led by financier Russell Glass had offered to buy the teams for
$700 million. Glass had previously worked for Carl Icahn.
The group also said in a letter to Cablevision that it
wants to buy Madison Square Garden as part of the deal but did
not set a price, the paper said, citing people familiar with
The October 18 letter came as Cablevision's controlling
family, the Dolans, was proposing a $3 billion special dividend
after an unsuccessful bid to take the company's cable
operations private and spin off its cable network and other
Glass worked for Icahn from 1998 to 2002 as president of
Icahn Associates and has advised the Spanos family that owns
the San Diego Chargers of the National Football League, the
The paper also reported that it could not learn the other
members of the investment group but that it did not include
Icahn or the Spanos family.