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The Intrinsic Value Podcast - The Investor’s Podcast Network
TIVP001: Madison Square Garden Sports (MSGS): Buying the Knicks & Rangers w/ Shawn O’Malley
Jan 5, 2025
Shawn O’Malley delves into the investment landscape of Madison Square Garden Sports Corp., spotlighting its ownership of the iconic Knicks and Rangers. He explains why these franchises are considered trophy assets for billionaires and how their value has skyrocketed recently. Unpacking the concept of discounted ownership, he estimates the intrinsic value of MSGS shares. The conversation also highlights the costs tied to sports franchises and the impact of league structures, while touching on the potential investment pitfalls.
59:57
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Quick takeaways
- Madison Square Garden Sports Corp. (MSGS) provides retail investors a rare opportunity to own stakes in prestigious sports franchises like the Knicks and Rangers.
- The dramatic appreciation in sports team values stems from demand, symbolic importance, and limited supply, affecting MSGS's intrinsic valuation.
Deep dives
Overview of Madison Square Garden Sports Corporation
Madison Square Garden Sports Corporation (MSGS) is a unique holding company that owns two major sports franchises: the NBA's New York Knicks and the NHL's New York Rangers. It offers a rare opportunity for investors to engage directly with high-profile sports teams, as ownership stakes in such franchises are typically not available to the average investor. The current market price of MSGS is trading at a significant discount, estimated at 40% to 50% lower than third-party valuations for the combined worth of the Knicks and Rangers. This provides a potential opportunity to acquire intrinsic value for less than its perceived worth, appealing especially to long-term stock investors.
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