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NEW YORK - The New York Knicks have dismissed head coach Tom Thibodeau from his position, the team’s management announced Monday. The move comes as the Knicks organization aims to chart a new course in pursuit of an NBA championship.
According to Knicks President Leon Rose, the decision was made in the best interest of the team’s future, despite Thibodeau’s notable achievements during his tenure. "We can’t thank Tom enough for pouring his heart and soul into each and every day of being the New York Knicks head coach," Rose stated. Under Thibodeau’s leadership, the Knicks secured four playoff appearances and four series victories over the past five seasons.
The organization expressed its gratitude to Thibodeau for his dedication and professionalism while serving as head coach. Rose added that Thibodeau would remain a part of the Knicks family and wished him success in his future endeavors.
Madison Square Garden Sports Corp. (MSG Sports), which owns the Knicks, is recognized as a prominent professional sports company with a market capitalization of $4.56 billion and impressive revenue growth of 14.64% over the last twelve months. It oversees several sports entities, including the New York Rangers of the NHL, and development league teams such as the Westchester Knicks and the Hartford Wolf Pack. MSG Sports also manages the MSG Training Center in Greenburgh, NY. According to InvestingPro analysis, the company currently trades at $189.49 per share, though above its calculated Fair Value.
The Knicks have not yet announced a successor for Thibodeau. The decision to change leadership is part of the organization’s ongoing strategy to build a team capable of competing for and winning an NBA championship.
This report is based on a press release statement from Madison Square Garden Sports Corp.
In other recent news, Madison Square Garden Sports reported fiscal third-quarter results that missed analyst expectations. The company announced a loss of $0.59 per share for the quarter ending March 31, 2025, which was significantly below the anticipated profit of $1.71 per share. Revenue was reported at $424.2 million, also falling short of the $437.04 million that analysts had projected. The shortfall was attributed to lower local media rights fees and fewer games played by the New York Knicks and Rangers at Madison Square Garden compared to the previous year. Operating income decreased by 59% to $32.3 million, with adjusted operating income down by 58% to $36.9 million, primarily due to higher direct operating expenses and reduced revenues. Despite these challenges, Madison Square Garden Sports highlighted a 1% year-over-year decline in total revenue and noted strong demand for Knicks and Rangers season ticket renewals for the 2025-26 season. CEO James L. Dolan emphasized the continued robust demand for the Knicks and Rangers and expressed confidence in the value of owning marquee professional sports franchises. The Knicks are currently participating in the NBA playoffs after finishing their regular season.
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