The Gabelli Asset Fund on Madison Square Garden Sports Corp.
Thesis
MSG Sports provides public-market exposure to the New York Knicks and New York Rangers, two scarce sports franchises. Gabelli views sports teams as strong stores of value and sees the planned separation of the Knicks and Rangers as a way to broaden strategic options. The Knicks' championship also strengthens the long-term fan base.
“MSGS confirmed it would separate the Rangers and Knicks to widen the strategic options for each entity.”