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New York Comptroller candidate wants state to buy stakes in Rangers, MSG
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- New York Comptroller candidate wants state to buy stakes in Rangers, MSG
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The New York Rangers could be on the verge of becoming the NHL version of the Green Bay Packers, though in the largest market in North America.
According to the New York Times , New York State comptroller candidate Adem Bunkeddeko is interested in using the the state's pension fund to purchase a stake in the Rangers and NBA's New York Knicks as well as their parent company, Madison Square Garden.
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The Rangers, of course, are run by James Dolan in his role as executive chairman and CEO of MSG Sports. He is the controlling owner of the Rangers, as well as the Knicks, MSG, Radio City Music Hall and other landmarks like the Las Vegas-based Sphere.
Adem Bunkeddeko believes New Yorkers 'should have stake' in Rangers, Knicks
Seth Harrison/The Journal News via Imagn Content Services, LLC
Government intervention in a pro-sports team is a non-starter for many fans, especially Rangers fans. But Bunkeddko, a Democrat who twice lost congressional bids in New York's ninth district which covers Brooklyn, views the potential purchase of shares as an investment in the city's lifeblood.
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"I think the headline is, 'should billionaires be the only people who get to own our culture?'" Bunkeddeko told Ken Belson of the Times. "It could be a win for the state pension, and it also can be a win for the future of New York and the franchises and sports teams generally. From my perspective, the Knicks and the Rangers are part of our identity, and New Yorkers should have a stake."
Bunkeddeko told the Times that, if elected, he would try to buy up about 5 percent of shares in the teams by using the state's pension fund, which is worth $290 billion, since that is the largest investment the fund can make in a single entity. According to Belson's reporting, there are roughly 15-17 percent of shares available for purchase.
But Bunkeddeko hopes by having a small-yet-significant stake in the team, the fund could in practice purchase a seat on the MSG board. That could entitle residents to have a voice in how the team is operated.
Imagine how those meetings would go at a time like this, when the Rangers publicly raised the white flag on this disappointing season, not long after Dolan preached patience and support for general manager Chris Drury.
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"I would say it's not simply just buying a little bit of shares, but being a significant minority player with the option of growing that stake," he explained.
Rangers wouldn't be first NHL team owned by fans
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The NFL's Packers are, of course, the model when it comes to a publicly owned pro sports franchise, since they're controlled by roughly a half-million fans who purchased shares in the team.
In the NHL, the Toronto Maple Leafs were once owned by the Ontario Teachers Pension Plan. The pension plan initially invested $44 million, then sold its controlling stake of the team in 2012 for more than $1.3 billion — an eye-popping 30x return on investment.
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Before them, the Hartford Whalers were also publicly owned with 17 corporations bankrolling the team's operation for roughly 13 years, between 1975-88.
So Bunkeddeko's plan is far from radical, and he is trying to use the initiative to drum up support in his candidacy. Bunkeddeko is considered an underdog to unseat current state comptroller Thomas DiNapoli, who currently oversees the trust fund.
Bunkeddeko and DiNapoli are only two of the candidates slated to be on the ballot for the 2026 comptroller primary election. That will be held June 23.
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