Originally posted on FOX Sports  |  Last updated 10/12/11
The biggest losers of the NBA lockout may turn out to be Madison Square Garden's (MSG) shareholders. MSG, the publicly-traded company that owns the famous arena, the New York Knicks and the MSG sports network, is facing a $70 million revenue hit if the league's entire 82-game season is a wash, according to expert estimates. The loss of the first two weeks of the season, which would have started Nov. 2 against the Miami Heat, will put as much as a $10 million dent in MSG's revenues, according to estimates. And the chances of the new season tipping off anytime soon are growing dimmer, with NBA commissioner David Stern describing league negotiations as "far apart." The Garden is also slated to complete a pricey renovation estimated to cost as much as $850 million by 2013. Media analyst Rich Tullo at Albert Fried & Co. forecast that from Nov. 2-14, lost ticket sales -- as well as sales of beer, hot dogs and other merchandise at the 19,000-seat arena -- will drain as much as $7 ...
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