Jim Dolan is having a bad week, and the Knicks’ season hasn’t even started yet.

On Wednesday, MSG Networks Inc., the sports-channel operator where Dolan is executive chairman, said its subscribers shrank by 6.5% last quarter, or more than twice the rate of the broader pay-TV industry. The subscriber losses sent the company’s shares tumbling as much as 14%, their biggest drop ever.

David Joyce, an analyst at Evercore ISI, downgraded the stock, citing “dramatic subscriber losses.”