Madison Square Garden Company Has "No Plans to Sell the Knicks, Rangers"

Chairman James Dolan announced on Wednesday that he was exploring a Knicks, Rangers spin-off from MSG.

The Madison Square Garden Company is not planning to sell the Knicks or Rangers, MSG said in a statement provided to Sports Illustrated.

"There are no plans to sell the Knicks or the Rangers," spokesperson Kim Kerns said.

Executive Chairman James Dolan announced on Wednesday that he was exploring a spin-off that would seperate the teams from MSG. After his announcement, reports surfaced that Dolan "may be laying the groundwork for a sale of the franchise."

Shares in Madison Square Garden Co. also shot up on Thursday after the announcement, according to Crain's, and continued to rise on Friday.

The spin-off is expected to also include the Knicks' development team the Westchester Knicks, the Rangers' development team the Hartford Wolf Pack and the WNBA team the Liberty.

Dolan would remain the executive chairman of the teams if the spin-off went through. However, Dolan is reportedly more interested in music and entertainment ventures, according to Crain's.

If the spin-off happened, it would mark the first time MSG hasn't owned the Knicks and Rangers. Dolan inherited MSG and the teams from his father, Charles, in 1999.