Madison Square Gardens, which houses the Knicks, the New York Rangers ice hockey team and Radio City Music Hall, recorded third-quarter revenues of $128.7m (B146.2m), 11 percent down on the same period last year.
Cablevision, which makes most of its revenue from cable services to New York residents, said the revenue drop was due to the write-off of certain player contracts from the Knicks basketball team. It is speculated that the charges were related to a career-ending injury to Knicks forward Larry Johnson.
Cablevision has subsequently cancelled a number of shows at its Radio City Hall venue in Manhattan because of security fears. But, according to James Dolen, chief executive and president of Cablevision, the Madison Square Gardens business remains within the profitability range.
