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Congrats to Miami; About the NY Knicks . . .

Posted By Barry Ritholtz On July 9, 2010 @ 8:30 am In Corporate Management,Sports | Comments Disabled

Congratulations to Pat Riley and the Miami Heat. You have put together a very competitive team that should be fun to watch in the coming years.

Lost in all the hype is the fact that The NY Knicks have been part of a public corporation — the incompetent Cablevision (CVC), an $8 billion dollar telecommunications and media firm. They are also the largest holder of MSG Inc. (MSG), which now controls the Madison Square Garden arena, and the New York Knicks, along with the TV rights. (MSG was spun off from CVC in February 2010).

There may be no more hapless, pathetic, incompetent owners of any team since MSG was founded in 1874. Long suffering Knick’s fans have be watched the team mismanaged into basketball irrelevancy. Since the Patrick Ewing era ended, incompetent management has been unable to field a competitive squad, retain a top flight coach, achieve any success in the playoffs, been unable to attract and retain all-star talent. The inability to attract Lebron James to New York is merely the cherry on a failure cake [1].

CVC/MSG must pay for their sins: Cablevision’s credit ratings should be downgraded, their bonds sold, their stock shorted. Merely having their senior management resign in disgrace is insufficient; their gross failures should result in Seppuku [2], their disemboweled bodies buried in a pet cemetary. Season ticket holders should be given free grief counseling. MSG and the Knicks should be sold to some organization that is actually familiar with Sports.


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One last note: Cleveland Cavalier owner Dan Gilbert [3] turned an absurd media spectacle in a competition to see who could demonstrate the least poise and class. Congratulations, you won.

As to your boast that you will win a championship (without Lebron) before Lebron does, I have a $100,000 on Miami over Cleveland. Care to put your money where your mouth is . . . ?


Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2010/07/congrats-to-miami-about-the-nyknicks/

URLs in this post:

[1] failure cake: http://www.cakewrecks.com/

[2] Seppuku: http://en.wikipedia.org/wiki/Seppuku

[3] Cleveland Cavalier owner Dan Gilbert: http://www.nba.com/cavaliers/news/gilbert_letter_100708.html

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