Comptroller candidate proposes using state pension to buy stake in MSG Sports

Adem Bunkeddeko, a candidate for New York state comptroller, is proposing that the state’s $290 billion pension fund buy a substantial stake in Madison Square Garden Sports, the company that owns the New York Knicks and the New York Rangers. Bunkeddeko, a community organizer and two-time unsuccessful congressional candidate, told reporters he believes MSG Sports is undervalued, noting the company’s market capitalization of about $6.96 billion is just over half of the combined private value of the Knicks ($9.75 billion) and the Rangers ($4 billion), according to Forbes.

He said the fund should buy enough shares to hold up to 5 percent of the company, the most the New York State Common Retirement Fund can own in any listed company, a potential investment of hundreds of millions of dollars that could earn the fund a board seat. As of October, the pension fund held 7,991 shares of MSG Sports, worth roughly $2.25 million.

The comptroller, currently Thomas P. DiNapoli, serves as trustee of the fund and sets its investment strategy, though the office does not directly select individual stocks. MSG Sports did not respond to requests for comment, the report said. The plan faces structural limits: only about 15 to 17 percent of MSG Sports shares are freely traded, with significant positions and a separate class of higher-voting shares tied to the Dolan family.

Shares surged in the second half of 2025 following the Knicks’ deep playoff run and new N.B.A.

Key Topics

Politics, Adem Bunkeddeko, Msg Sports, New York Knicks, New York Rangers, Dolan Family