How the New York Knicks have botched their search for a new head coach
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Carmelo Anthony on Knicks rumors, firing of Tom Thibodeau
We caught up with Carmelo Anthony who was being honored by the Museum of the City of New York about the Knicks and what he wants to see in the offseason.
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INDIANAPOLIS – The New York Knicks have botched their search for a new head coach.
At this rate, they're going to ask the 29 other teams for permission to interview their coach and get denied permission 29 times.
The Dallas Mavericks denied the Knicks permission to interview Jason Kidd. The Minnesota Timberwolves did the same with Chris Finch. The Houston Rockets did the same with Ime Udoka. The Chicago Bulls did the same with Billy Donovan and the Atlanta Hawks did the same with Quin Snyder, according to multiple reports.
So what was their plan? Just hope that a team with a good coach was going to let a good coach go to the Knicks in exchange for a couple of second-round draft picks.
When you fire a coach – a coach who just took your team to its first Eastern Conference finals appearance in 25 seasons and had established a winning identity and helped changed the perception of the franchise – you better have a list of coaches ready and available for interviews and the job.
And since the Knicks do not appear to have that part of their house in order, it leads one to believe the front office had not planned on firing Thibodeau, which leads one to believe that Knicks owner James Dolan's fingerprints are Thibodeau's firing and the ensuing chaos.
'The Knicks have to be the damn stupidest people in the world,' TNT's Charles Barkley said before Game 3 of the NBA Finals on Wednesday.
Yahoo Sports' Vincent Goodwill reported that 'Dolan and team president Leon Rose held exit meetings with key Knicks players and the complaints were clear. Dolan, whom sources said was never a huge Thibodeau fan through the years, asked the questions in the meeting while Rose took a secondary role.'
Somebody (or multiple somebodies) convinced Dolan that firing a successful coach with three years and $30 million was necessary.
Was Thibodeau the perfect coach? Of course not. All coaches have flaws. He could've tried to develop more of a bench and give starters fewer minutes, but he also had considerable success. The Knicks hadn't had back-to-back 50-win seasons since the mid-1990s until they won 50 games in 2023-24 and 51 games in 2024-25.
The Knicks look like the bumbling franchise they were before bringing in Rose and Thibodeau. And all the good work that has been done to make the Knicks a competent franchise is at risk of being undone.
How do the Knicks salvage this? Great question. Former Memphis Grizzlies coach Taylor Jenkins and longtime NBA coach Mike Brown are available and names to watch. Jenkins has the right mix of challenging players while not embarrassing them, and Brown has experience with stars and big markets. Johnnie Bryant, a former New York Knicks assistant who spent last season as the associate head coach for the Cleveland Cavaliers, is another name to watch.
The Knicks will try to frame this as doing their due diligence and that they are in no rush to make a hire. That's hard to believe when they are knocking on the door of several big-name coaches who already have jobs with other teams.
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Other Matters On June 27, 2025, the Knicks and Rangers amended their respective media rights agreements with MSG Networks, which included: (i) 28% and 18% reductions in annual rights fees payable to the Knicks and Rangers, respectively, effective January 1, 2025; (ii) an elimination of annual rights fee escalators; and (iii) a change to the contract expiration dates to the end of the 2028-29 seasons, subject to a right of first refusal in favor of MSG Networks. Concurrent with the amendments to the media rights agreements, MSG Networks issued penny warrants to the Company exercisable for 19.9% of the equity interests in MSG Networks. About Madison Square Garden Sports Corp. Madison Square Garden Sports Corp. (MSG Sports) is a leading professional sports company, with a collection of assets that includes the New York Knicks (NBA) and the New York Rangers (NHL), as well as two development league teams – the Westchester Knicks (NBAGL) and the Hartford Wolf Pack (AHL). MSG Sports also operates a professional sports team performance center – the MSG Training Center in Greenburgh, NY. More information is available at Non-GAAP Financial Measures We define adjusted operating income (loss), which is a non-GAAP financial measure, as operating income (loss) excluding (i) depreciation, amortization and impairments of property and equipment, goodwill and other intangible assets, (ii) share-based compensation expense or benefit, (iii) restructuring charges or credits, (iv) gains or losses on sales or dispositions of businesses, (v) the impact of purchase accounting adjustments related to business acquisitions, and (vi) gains and losses related to the remeasurement of liabilities under the Company's Executive Deferred Compensation Plan. Because it is based upon operating income (loss), adjusted operating income (loss) also excludes interest expense (including cash interest expense) and other non-operating income and expense items. We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of our business without regard to the settlement of an obligation that is not expected to be made in cash. In addition, we believe that the exclusion of gains and losses related to the remeasurement of liabilities under the Company's Executive Deferred Compensation Plan provides investors with a clearer picture of the Company's operating performance given that, in accordance with U.S. generally accepted accounting principles ("GAAP"), gains and losses related to the remeasurement of liabilities under the Company's Executive Deferred Compensation Plan are recognized in Operating (income) loss whereas gains and losses related to the remeasurement of the assets under the Company's Executive Deferred Compensation Plan, which are equal to and therefore fully offset the gains and losses related to the remeasurement of liabilities, are recognized in Miscellaneous income (expense), net, which is not reflected in Operating income (loss). We believe adjusted operating income (loss) is an appropriate measure for evaluating the operating performance of our Company. Adjusted operating income (loss) and similar measures with similar titles are common performance measures used by investors and analysts to analyze our performance. Internally, we use revenues and adjusted operating income (loss) as the most important indicators of our business performance, and evaluate management's effectiveness with specific reference to these indicators. Adjusted operating income (loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with GAAP. Since adjusted operating income (loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of operating income (loss) to adjusted operating income (loss), please see page 5 of this earnings release. Forward-Looking Statements This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industry in which it operates, and the factors described in the Company's filings with the Securities and Exchange Commission, including the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein. Conference Call Information:The conference call will be Webcast live today at 10:00 a.m. ET at Conference call dial-in number is 888-660-6386 / Conference ID Number 6996895Conference call replay number is 800-770-2030 / Conference ID Number 6996895 until August 19, 2025 MADISON SQUARE GARDEN SPORTS CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended Twelve Months Ended June 30, June 30, 2025 2024 2025 2024 Revenues $ 203,957 $ 227,251 $ 1,039,220 $ 1,027,149 Direct operating expenses 154,819 107,743 755,118 616,514 Selling, general and administrative expenses 70,892 66,413 266,076 261,433 Depreciation and amortization 822 792 3,218 3,164 Operating (loss) income (22,576 ) 52,303 14,808 146,038 Other income (expense): Interest income 1,429 1,238 4,034 2,787 Interest expense (4,990 ) (6,320 ) (21,652 ) (27,589 ) Miscellaneous expense, net (984 ) (4,491 ) (14,462 ) (15,568 ) Loss (income) before income taxes (27,121 ) 42,730 (17,272 ) 105,668 Income tax benefit (expense) 25,341 (17,239 ) (5,166 ) (46,897 ) Net (loss) income $ (1,780 ) $ 25,491 $ (22,438 ) $ 58,771 Basic (loss) earnings per common share attributable to Madison Square Garden Sports Corp.'s stockholders $ (0.07 ) $ 1.06 $ (0.93 ) $ 2.45 Diluted (loss) earnings per common share attributable to Madison Square Garden Sports Corp.'s stockholders $ (0.07 ) $ 1.06 $ (0.93 ) $ 2.44 Basic weighted-average number of common shares outstanding 24,105 24,030 24,089 24,011 Diluted weighted-average number of common shares outstanding 24,105 24,156 24,089 24,096 MADISON SQUARE GARDEN SPORTS TO RECONCILE OPERATING (LOSS) INCOME TOADJUSTED OPERATING (LOSS) INCOME(In thousands)(Unaudited) The following is a description of the adjustments to operating (loss) income in arriving at adjusted operating (loss) income as described in this earnings release: Depreciation and amortization. This adjustment eliminates depreciation, amortization and impairments of property and equipment, goodwill and other intangible assets in all periods. Share-based compensation. This adjustment eliminates the compensation expense related to restricted stock units and stock options granted under the Company's employee stock plan and non-employee director plan in all periods. Remeasurement of deferred compensation plan liabilities. This adjustment eliminates the impact of gains and losses related to the remeasurement of liabilities under the Company's executive deferred compensation plan. Three Months Ended Twelve Months Ended June 30, June 30, 2025 2024 2025 2024 Operating (loss) income $ (22,576 ) $ 52,303 $ 14,808 $ 146,038 Depreciation and amortization 822 792 3,218 3,164 Share-based compensation 3,776 3,222 17,935 21,291 Remeasurement of deferred compensation plan liabilities 1,222 193 2,195 1,749 Adjusted operating (loss) income $ (16,756 ) $ 56,510 $ 38,156 $ 172,242 MADISON SQUARE GARDEN SPORTS CORP. CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited) June 30, 2025 June 30, 2024 ASSETS Current Assets: Cash and cash equivalents $ 144,617 $ 89,136 Restricted cash 8,571 5,771 Accounts receivable, net 25,855 33,781 Net related party receivables 3,582 32,255 Prepaid expenses 43,417 30,956 Other current assets 25,053 25,043 Total current assets 251,095 216,942 Property and equipment, net 28,962 28,541 Right-of-use lease assets 760,456 694,566 Indefinite-lived intangible assets 103,644 103,644 Goodwill 226,523 226,523 Investments 54,720 62,543 Deferred tax assets, net 34,821 — Other assets 12,753 13,533 Total assets $ 1,472,974 $ 1,346,292 MADISON SQUARE GARDEN SPORTS CORP. CONSOLIDATED BALANCE SHEETS (continued) (In thousands, except per share data) (Unaudited) June 30, 2025 June 30, 2024 LIABILITIES AND EQUITY Current Liabilities: Accounts payable $ 9,336 $ 9,900 Net related party payables 4,807 6,718 Debt 24,000 30,000 Accrued liabilities: Employee-related costs 98,924 133,930 League-related accruals 196,567 120,876 Other accrued liabilities 13,093 21,613 Operating lease liabilities, current 52,618 50,267 Deferred revenue 164,178 148,678 Total current liabilities 563,523 521,982 Long-term debt 267,000 275,000 Operating lease liabilities, noncurrent 841,050 749,952 Defined benefit obligations 4,086 4,103 Other employee-related costs 78,092 43,493 Deferred tax liabilities, net — 16,925 Deferred revenue, noncurrent 662 1,147 Total liabilities 1,754,413 1,612,602 Commitments and contingencies Class A Common stock, par value $0.01, 120,000 shares authorized; 19,488 and 19,423 shares outstanding as of June 30, 2025 and 2024, respectively 204 204 Class B Common stock, par value $0.01, 30,000 shares authorized; 4,530 shares outstanding as of June 30, 2025 and 2024 45 45 Preferred stock, par value $0.01, 15,000 shares authorized; none outstanding as of June 30, 2025 and 2024 — — Additional paid-in capital 15,348 19,079 Treasury stock, at cost, 960 and 1,025 shares as of June 30, 2025 and 2024, respectively (158,543 ) (169,547 ) Accumulated deficit (137,596 ) (115,139 ) Accumulated other comprehensive loss (897 ) (952 ) Total equity (281,439 ) (266,310 ) Total liabilities and equity $ 1,472,974 $ 1,346,292 MADISON SQUARE GARDEN SPORTS CORP. SELECTED CASH FLOW INFORMATION (In thousands) (Unaudited) Twelve Months Ended June 30, 2025 2024 Net cash provided by operating activities $ 91,607 $ 92,131 Net cash used in investing activities (6,920 ) (8,898 ) Net cash used in financing activities (26,406 ) (28,785 ) Net increase in cash, cash equivalents and restricted cash 58,281 54,448 Cash, cash equivalents and restricted cash at beginning of period 94,907 40,459 Cash, cash equivalents and restricted cash at end of period $ 153,188 $ 94,907 View source version on Contacts Ari Danes, CFAInvestor Relations and Financial Communications(212) 465-6072 Grace KaminerInvestor Relations(212) 631-5076 Justin BlaberFinancial Communications(212) 465-6109 Sign in to access your portfolio
