Will James Dolan ever sell the Knicks?
James Dolan's Madison Square Garden Company to buy Tao Restuarant Group for $ 181 million
Editor-in-Chief: Emily_Wilcox, email
It is safe to say that James Dolan is a very rich man. The former head of Cablevision owns the billionaire Madison Square Garden Company, which also includes the New York Knicks, New York Rangers, and the Arena. Known for having fun (he plays guitar and has toured with his band JD & The Straight Shot), Dolan doesn't just have sports teams in his company's portfolio. The Beacon Theater, Radio City Music Hall, and the Los Angeles Forum are all owned by the Madison Square Garden Company. So it's clear that Dolan isn't content with just counting the money his sports teams make. And he made that sentiment even clearer earlier this week after the Madison Square Company announced a major purchase from a new company called Tao Group.
Madison Square Garden Company announced earlier this week that it has acquired a 62.5 percent stake in Tao Group, an entertainment and nightlife company, for $ 181 million. The Tao Group has 19 locations in New York, Las Vegas and Sydney, Australia including Tao, Maquee, Lavo, The Stanton Social, Beauty & Essex, Vandal and Avenue.
Rob Kim / Getty Images
With regard to the sale, Dolan said the following. "The Tao Group is a unique and attractive company that puts our focus on the 'live experience' and at the same time exposes us to new areas of growth ... We now have a great opportunity to use this know-how in our live offerings and to use the strengths of the other at the same time. Driving value and growth for both companies. "
Both companies have said they "will work together to create new and innovative premium hospitality experiences that can be incorporated into MSG's portfolio of live offerings." MSG will have the ability to buy more shares in Tao, "including at times when the company would otherwise not be able to buy in the open market."
The Tao Group had sales of $ 235 million and adjusted operating income of $ 43 million for the past year.
The founders of the Tao Group; Marc Packer, Rich Wolf, Noah Tepperberg and Jason Strauss will retain a 37.5 percent stake in the company and continue operations.
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