Gabelli SRI Fund on Madison Square Garden Sports Corp.
Thesis
MSG Sports owns the New York Knicks and New York Rangers, giving investors direct exposure to scarce professional sports franchises. Gabelli views team values as strong stores of value and sees the planned separation of the teams as a way to expand strategic options. The Knicks' championship also strengthened the long-term fan base.
“MSGS confirmed it would separate the Rangers and Knicks to widen the strategic options for each entity.”