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The Knicks’ victory points to the value of scarcity

The NBA team’s value continues to rise as investors chase a limited number of assets

For much of the past three decades, James Dolan has been at the centre of one of the longest-running sagas in American sports as owner of the New York Knicks.

The basketball team cycled through coaches, executives and failed rebuilding plans. Fans complained. The team underperformed. The franchise became a case study in how even one of the world’s premier sports brands could be held back by poor ownership.

Yet throughout the Knicks’ recent playoff run — culminating in last Saturday’s NBA title-clinching victory in San Antonio — Madison Square Garden became the hottest ticket in America. Courtside seats filled with Timothée Chalamet, Kylie Jenner, Spike Lee, Larry David and Sydney Sweeney. Financiers including Jamie DImon, Larry Fink and David Solomon rubbed shoulders with the likes of media executive David Zaslav. Some tickets changed hands for nearly $180,000.

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