New York Knicks and Rangers to stay under Madison Square Garden control, chairman James Dolan says

Madison Square Garden Company executive chairman James Dolan says he has no plans to sell the New York Knicks or Rangers.

Dolan appeared on Fox 5 in New York to debut a new song with his band on Thursday and repeated a stance that the Madison Square Garden Company conveyed two months about the future of both teams.

"No," Dolan said. "We're not going to sell."

Speculation about the fate of the Knicks and Rangers was heightened by Dolan himself when announced that he was exploring a move which would separate the Knicks and Rangers from the rest of Madison Square Garden Company.

That news sent MSG's stock to climb almost 20%.

MSG, also owns the WNBA's New York Liberty, NBA and NHL minor league affiliates, and a regional sports network.

Forbes estimates that that the Knicks are worth $3.6 billion, with the Rangers being valued at $1.5 billion.