James signing with Miami deflates MSG stock
Basketball Betting Lines
07/09/2010 -
NEW YORK (AP) - Now that LeBron James has decided to play basketball in Miami, shares of Madison Square Garden Inc., owner of the New York Knicks, have gone south as well.
Madison Square Garden shares had risen as much as 11 percent this month as a nationwide fervor mounted over what team the superstar free agent would pick.
The two-time league MVP's announcement Thursday in an hourlong ESPN special that he'd leave Cleveland to play in Miami instead of New York, Chicago, New Jersey or any other bidding team's cities sent the company's stock down 94 cents, or 4.6 percent, to close Friday at $19.44.
That was below the low reached two trading days before the start of the free agency shopping spree began on July 1. The shares had hit a two-week high on Wednesday of $21.91.
But all hope is not lost for the Knicks or its owner, says Gabelli & Co. analyst Christopher Marangi.
Right after James' announcement, the once-hopeful Knicks made some last-minute swaps that should still improve the team and its owner's financial prospects, he said.
The Knicks traded productive center David Lee to the Golden State Warriors for forwards Anthony Randolph, Kelenna Azubuike and Ronny Turiaf. The move means the team won't have to pay Lee a big salary, giving it salary cap room to make additional moves this season.
Also, the team will save millions of dollars on a luxury tax that would have been imposed had it signed James and boosted its payroll higher, he said.
``While the Knicks won't get instantly better, the Knicks without LeBron James should improve,'' Marangi said.
He noted that the Knicks finally loosened the purse strings by acquiring Amare Stoudemire from Phoenix and have the financial wherewithal to make other moves this season that could improve its performance on the court.
``Earnings should go up as a result,'' he said.
The Knicks have posted nine straight losing seasons, a franchise record, in part because they gutted their roster to free up money for a player like James.
The Knicks entered the free agency shopping spree with the most salary cap room in the league with $34.1 million - enough for two players earning the maximum salary, with about half for each. After picking up Stoudemire, it still had $17 million to spend on James. That money can now be used elsewhere.
``We are disappointed that LeBron James did not pick the New York Knicks, but we respect his decision,'' Knicks president Donnie Walsh said late Thursday.
The bitterly disappointed owner of the Cleveland Cavaliers owner Dan Gilbert ripped James in an open letter on the team's website.
``The self-declared former 'King' will be taking the 'curse' with him down south,'' he wrote.
Marangi had estimated signing James could have boosted earnings before interest, taxes, depreciation and amortization by $30 million to $50 million per year. The company would have benefited from increases in the MSG television network's advertising revenue, attendance at games, and concession and merchandise sales.
Now James takes some of that financial heat down to Miami and team owner billionaire Micky Arison, the CEO of cruise company Carnival Corp., which operates its namesake, Holland America, Princess and other cruise lines.Copyright © 2005 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten or redistributed without the prior written authority of The Associated Press.
Charlotte, NC (Sportsbook Betting Lines) - The Charlotte Bobcats have reportedly reached an agreement to bring back power forward Tyrus Thomas. The Charlotte Observer confirmed that a deal has been agreed to in principle between the two sides whic
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Philadelphia, PA (Sportsbook Betting Lines) - The Philadelphia Flyers signed free agent
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and one with the
<< Ducks send D Eminger to Rangers
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<< Rain stops U.S. Women's Open
Oakmont, PA (Sportsbook Betting Lines) - Heavy rainfall and lightning in the area forced
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Oakmont.
Sophie Gustafson birdied the first hole, her only hole on Friday, to move in
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<< Raiders ink two from draft class
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Rangers reportedly land Lee; PC scheduled >>
Arlington, TX (Sportsbook Betting Lines) - The Texas Rangers are holding a press
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According to multiple sources, including Evan Grant, who covers the team for
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Rangers emerge as winner of Lee sweepstakes >>
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sought-after pitcher Cliff Lee, along with pitcher Mark Lowe and cash
considerations, from the Seattle Mariners in exchange for first baseman Justin
Smoak and three minor
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services of Jake Peavy for the rest of the season after the right-hander
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David Lee on his way to Warriors in sign-and-trade >>
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MySportsbook.com Releases World Series Championship Lines
New York Yankees and Chicago White Sox early favorites to win 2008 World Series
The Major League Baseball season starts this weekend and MySportsbook.com, a leading online sportsbook for over 8 years, is the first to offer baseball sports betting lines on who will win the 2007 World Series.
"The World Series is the biggest baseball event in the sports betting world and MySportsbook.com is excited that we are first to market with betting lines on every team," says Tim Dalton, Marketing Director, MySportsbook.com. "We are getting things ready for a great baseball season and our members are looking forward to our Player Payback Bonuses, as well as Dime Lines, all season long."
Going in to this weekend, MySportsbook.com's favorites to win the World Series are the New York Yankees at 7-2 and last year’s winners the Chicago White Sox at 9-2.
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MySportsbook.com and Kentucky Derby Offer Bonuses
The 2008 Kentucky Derby has announced a $1-million bonus for this weekend’s 134th ‘Run for the Roses’ and MySportsbook.com is doing the same.
Well, not quite $1 million, but MySportsbook.com is offering a 75% rebate for Kentucky Derby lines. Check out the exclusive horse racing bonus for all the details.
According to MySportsbook.com, the favorites for Saturday’s Kentucky Derby at Churchill Downs in Louisville, Kentucky are: Curlin (+250); Street Sense (+500); Scat Daddy (+700); Circular Quay (+750); and Nobiz Like Shobiz (+800).
Derby organizers announced this week that there will be a $1-million bonus at the 2007 Kentucky Derby odds if the first-place horse wins by more than 6 1/2 lengths – the margin of Barbaro's victory last year. The bonus would be divided Saturday among the winning trainer, jockey, owner and a charity, with each receiving 25 percent. The designated charity is the Barbaro Memorial Fund.
''It's certainly creative, it's certainly fun and it has something for the horsemen, which we always want to embrace,'' Churchill Downs president and chief executive Robert Evans said at a news conference. ''What's really cool is it will force us to remember Barbaro.''
Meanwhile, the Derby favorite – Curlin – is going against the odds this year. It's been 125 years since Apollo won after skipping his 2-year-old season, and not since Regret in 1915 has such a lightly seasoned horse worn the blanket of red roses.
Arkansas Derby winner Curlin – unbeaten in three career races – tries to overcome both those obstacles in Saturday's 133rd Derby.
''We're not running against history,'' trainer Steve Asmussen said Monday. ''We're running against who they load up.''
Six other horses have run in the Derby without benefit of 2-year-old races and with three or fewer starts. The best any of them managed was a sixth-place finish by Showing Up last year.
Asmussen dismissed suggestions that Curlin's lack of racing experience could keep him from the winner's circle.
”He exudes confidence and he's got a great presence about him,'' the trainer said. ''I feel great about the position we're in. He's not worried about anything, why should you be?''
The Kentucky Derby is at 4:04 p.m., ET Saturday.
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