MSG Stock Drops After Jeremy Lin Leaves Knicks
The Madison Square Garden Company is a very powerful organization and a leader in the entertainment world. MSG owns the New York Knicks, the New York Rangers, Madison Square Garden, the Beacon Theater, the Chicago Theater, several television stations and most recently purchased the Great Western Forum in California.
In the height of “Linsanity” led by Harvard graduate Jeremy Lin, MSG’s stock reached numbers it had never seen. The company is publicly traded and has been for quite some time, but Lin was the reason why it exceeded expectations.
However, when the news broke out that Lin would sign with the Houston Rockets, MSG’s stock took a major blow, Business Journal.
However, on that day, reports came out that the Houston Rockets had made an offer to Lin that might make it difficult for the Knicks to keep their guard. Since then, Lin has accepted the offer, and the Knicks have let him go and MSG is now trading at approximately $35.50, a drop of 8.5% in two weeks.
Lin appealed the public quite well and he won over the hearts of people all over the world. Lin was the first Asian American to succeed in the NBA and that helped him become an international star. Lin was on his way out of the NBA, but through hard work and dedication, he took over the sports world.