Loss of Lin not Effecting MSG Stock
Shares of $MSG closed the day at 39.39, for a market cap of $2.98 billion. That’s an all-time high for the stock, squeaking past the previous high at the beginning of NBA free agency, and blowing past the numbers at the height of Linsanity. This means nothing, but so does everything that came before it.
We all went a little Linsane this year. It’s OK. It was a crazy time, we all said some things we wish we hadn’t, made some grand pronouncements that look silly in retrospect. One of the more pernicious and stubborn memes was that Lin was some kind of bottomless ATM, whose monetary value to the Knicks would easily pay for his contract and any luxury tax penalties. A golden goose whose eggs would be worth far more than the $58 million they could owe him in 2014-2015.