Egyptian Billionaire Builds Stake in Owner of Knicks, Rangers
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The family office of Egyptian billionaire Nassef Sawiris disclosed that it has a 5% stake in Madison Square Garden Sports Corp., the holding company that owns the New York Knicks and Rangers.
NNS Holding disclosed the passive stake in a regulatory filing Thursday. The filing also said that the position will grow to roughly 6.3% by March, making Sawiris one of the three largest owners of the stock. The firm views Madison Square Garden and its sport franchises as undervalued, according to a person familiar with the matter, who asked not to be identified because discussions are private.