April 09, 2010
The New York Knicks aren't very good at basketball. Breaking news, I know. But guess what? When your team isn't good at basketball, they don't get to play in the playoffs. And when they don't get to play in the playoffs, they don't get those sweet, sweet postseason dollars. We're talking a few million dollars a game. That's not good.
Even worse is when the hockey team that you share a building with misses their playoffs in the same year. You see, the NBA and the NHL require that a team keep its arena's dates open so that they can host playoff games. And because it's impossible to book a stadium as big as Madison Square Garden with little advance notice, the Knicks and Rangers both missing their respective playoffs is going to be pretty costly.
The loss of playoff revenue would also come as Madison Square Garden spends about $800 million to renovate the 42-year-old arena. Home playoff games would not only generate a few more million dollars to help pay for the work, but would also give the Garden's salesmen more ammunition to sell season tickets, suites and advertising for next season.
"A playoff team is enormously beneficial when you're renovating a building," said Marc Ganis, the president of SportsCorp, a consulting firm. "It becomes a springboard for your marketing."
We already knew that a bad Knicks team is bad for Knicks fans, the NBA, and luring future free agents. Now we learn that it's also bad for Madison Square Garden. That's a new wrinkle in the constantly devolving debacle in New York. They say you learn something new every day.
So I guess it's a good thing the Knicks have all that money saved for this offseason. They might need to chip in some cash to help cover expenses if they want to keep hoopin' at the Basketball Mecca. Hopefully they don't have it earmarked for anyone...