Knicks Coach Resignation Hurts Madison Square Garden (MSG)

The Madison Square Garden Company (NYSE: MSG) is getting hit today on reports that Mike D’Antoni is resigning.  He is in his final year of his contract and he has been in a feud with Carmelo Anthony.

With all the Lin-sanity happening, Madison Square Garden is sort of acting like a proxy for the sports news flow for the teams under Madison Square Garden.  Whether or not this would really represent much key investor news out of sports news or not is one thing, but currently the vote is that it is material.

Madison Square Garden shares are down 2.2% at $32.26 and the 52-week trading range is $21.12 to $33.49.