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Silver Lake Partners ‘looks to buy stakes in Knicks, Rangers’

Bobby Portis #1 of the New York Knicks reacts during the first quarter of their game against the Washington Wizards at Madison Square Garden on October 11, 2019 in New York City. (Credit: Getty Images)

Silicon Valley-based private equity firm Silver Lake Partners is reportedly looking to buy significant minority stakes in the National Basketball Association’s New York Knicks and National Hockey League’s New York Rangers.

Silver Lake already owns close to 10 percent in the teams’ owner, Madison Square Garden, making it the largest outside investor in the company, which is run by billionaire James Dolan.

According to the New York Post, the move comes ahead of MSG’s plans to spin off its sports properties into a separate publicly traded company. Forbes values the Knicks at $4bn (€3.6bn) and the Rangers at $1.55bn.

Silver Lake, which has stakes in US automotive company Tesla and Chinese e-commerce conglomerate Alibaba, also has investments in sportswear merchandiser Fanatics, sports and entertainment investment company Oak View Group and Endeavor, the US-based sports and entertainment group whose assets include the IMG agency and UFC.