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James signing with Miami deflates MSG stockBasketball Betting Lines07/09/2010 - NEW YORK (AP) - Now that LeBron James has decided to play basketball in Miami, shares of Madison Square Garden Inc., owner of the New York Knicks, have gone south as well. Madison Square Garden shares had risen as much as 11 percent this month as a nationwide fervor mounted over what team the superstar free agent would pick. The two-time league MVP's announcement Thursday in an hourlong ESPN special that he'd leave Cleveland to play in Miami instead of New York, Chicago, New Jersey or any other bidding team's cities sent the company's stock down 94 cents, or 4.6 percent, to close Friday at $19.44. That was below the low reached two trading days before the start of the free agency shopping spree began on July 1. The shares had hit a two-week high on Wednesday of $21.91. But all hope is not lost for the Knicks or its owner, says Gabelli & Co. analyst Christopher Marangi. Right after James' announcement, the once-hopeful Knicks made some last-minute swaps that should still improve the team and its owner's financial prospects, he said. The Knicks traded productive center David Lee to the Golden State Warriors for forwards Anthony Randolph, Kelenna Azubuike and Ronny Turiaf. The move means the team won't have to pay Lee a big salary, giving it salary cap room to make additional moves this season. Also, the team will save millions of dollars on a luxury tax that would have been imposed had it signed James and boosted its payroll higher, he said. ``While the Knicks won't get instantly better, the Knicks without LeBron James should improve,'' Marangi said. He noted that the Knicks finally loosened the purse strings by acquiring Amare Stoudemire from Phoenix and have the financial wherewithal to make other moves this season that could improve its performance on the court. ``Earnings should go up as a result,'' he said. The Knicks have posted nine straight losing seasons, a franchise record, in part because they gutted their roster to free up money for a player like James. The Knicks entered the free agency shopping spree with the most salary cap room in the league with $34.1 million - enough for two players earning the maximum salary, with about half for each. After picking up Stoudemire, it still had $17 million to spend on James. That money can now be used elsewhere. ``We are disappointed that LeBron James did not pick the New York Knicks, but we respect his decision,'' Knicks president Donnie Walsh said late Thursday. The bitterly disappointed owner of the Cleveland Cavaliers owner Dan Gilbert ripped James in an open letter on the team's website. ``The self-declared former 'King' will be taking the 'curse' with him down south,'' he wrote. Marangi had estimated signing James could have boosted earnings before interest, taxes, depreciation and amortization by $30 million to $50 million per year. The company would have benefited from increases in the MSG television network's advertising revenue, attendance at games, and concession and merchandise sales. Now James takes some of that financial heat down to Miami and team owner billionaire Micky Arison, the CEO of cruise company Carnival Corp., which operates its namesake, Holland America, Princess and other cruise lines.Copyright © 2005 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten or redistributed without the prior written authority of The Associated Press.
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Charlotte, NC (Sportsbook Betting Lines) - The Charlotte Bobcats have reportedly reached an agreement to bring back power forward Tyrus Thomas. The Charlotte Observer confirmed that a deal has been agreed to in principle between the two sides whic
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Mets demote Igarashi, recall Evans >>
Flushing, NY (Sportsbook Betting Lines) - The New York Mets have optioned right-handed reliever Ryota Igarashi to Single-A St. Lucie and recalled utility man Nick Evans from Double-A Binghamton. Igarashi was 0-1 with a 7.91 earned run average in
Rangers reportedly land Lee; PC scheduled >>
Rangers emerge as winner of Lee sweepstakes >>
White Sox lose Peavy for season >>
David Lee on his way to Warriors in sign-and-trade >>
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Football Betting LinesThe 2009 AP NFL Offensive Rookie of the Year odds have been released and Denver Broncos' running back Knowshon Moreno has been made the opening favorite. Moreno was selected in the first round of April's NFL draft and is expected to carry the rushing load for the Broncos this season. And with Jay Cutler now in Chicago, Moreno might be expected to be Denver's entire offense. Betting Lines from sports betting lines have made Moreno a 5/2 favorite to win this year's Offensive Rookie of the Year Award. Fellow running back Chris “Beanie” Wells (Arizona Cardinals) is right behind Moreno at 7/2, while Donald Brown (Indianapolis Colts) and receiver Michael Crabtree (San Francisco 49ers) are 5/1 to win. Quarterbacks Mark Sanchez (New York Jets) and Matthew Stafford (Detroit Lions) are 7/1 and 8/1, respectively. A couple of players who present some value are Josh Freeman, Shonn Green and Darrius Heyward-Bey. Freeman needs to beat out Byron Leftwich to become the starting quarterback of the Tampa Bay Buccaneers but if he does, he has a lot or raw talent and could use the weapons around him (i.e. Kellen Winslow Jr. and Antonio Bryant) to be very successful in his first season. Green enters a crowded backfield in New York, but considering both Thomas Jones and Leon Washington are unhappy about their contract situations and might holdout, the former Iowa product could become the Jets' primary back. Everyone was shocked when Al Davis took Heyward-Bey with the eighth overall pick in April's draft, but the kid has a tremendous amount of talent and if quarterback JaMarcus Russell takes the next step this year, the former Maryland product could blossom. Plus, Heyward-Bey will be looking to prove the people wrong who said Oakland should have taken Michael Crabtree with the No. 8 pick. And if you're looking for a deep sleeper, check out Pat White at 30/1. He enters the Miami Dolphins vaunted “Wild Cat” offense and could be a big time playmaker. For complete odds on the 2009 AP NFL Offensive Rookie of the Year odds, see below. 2009 AP NFL Offensive Rookie of the Year Odds to Win Ramses Barden (NYG) 40/1 Andre Brown (NYG) 20/1 Donald Brown (IND) 5/1 Kenny Britt (TEN) 20/1 Glenn Coffee (SFO) 30/1 Chase Coffman (CIN) 50/1 Michael Crabtree (SFO) 5/1 Josh Freeman (TB) 14/1 Shonn Green (NYJ) 14/1 Percy Harvin (MIN) 10/1 Darrius Heyward-Bay (OAK) 18/1 Juaquan Iglesias (CHI) 30/1 Cornelius Ingram (PHI) 50/1 Rashad Jennings (JAC) 30/1 Johnny Knox (CHI) 40/1 Jeremy Maclin (PHI) 18/1 Mohamed Massaquoi (CLE) 30/1 LeSean McCoy (PHI) 12/1 Knowshon Moreno (DEN) 5/2 Hakeem Nicks (NYG) 18/1 Brandon Pettigrew (DET) 30/1 Brian Robiskie (CLE) 20/1 Mark Sanchez (NYJ) 7/1 Matthew Stafford (DET) 8/1 Jason Smith (STL) 40/1 Mike Thomas (JAC) 25/1 Patrick Turner (MIA) 50/1 Mike Wallace (PIT) 50/1 Chris Wells (ARI) 7/2 Pat White (MIA) 30/1 Field (Any Other Player) 9/1 To visit this sports betting site go to BettingExpress.com for all your football betting lines needs. For sports betting with credit cards site go to BettingExpress.com as well. |
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