​New York Knicks and New York Rangers owner ​James Dolan is in the news, and it doesn't put him in a positive light.


Not one bit:

Dolan, who is also the Executive Chairman of the Madison Square Garden Company, has agreed to pay $609,810 in civil penalties after allegations by the Federal Trade Commission (FTC) that he violated the Hart-Scott-Rodino Act, meaning he failed to report in a timely fashion about the acquisition of voting securities in MSG Company.


Moments ago, The Madison Square Garden Garden Company sent 12up the following statement: 


“Any shareholder whose stockholdings exceed certain thresholds is required to make an HSR filing. Debevoise & Plimpton is the law firm responsible for making timely HSR filings relating to Jim Dolan’s MSG stock. Debevoise inadvertently missed a required HSR filing deadline, for a second time, which resulted in a fine by the FTC. Debevoise agreed to pay the fine as a result of their mistake.” 

​​Dolan did end up filing the acquisition of these additional shares that pass the threshold and mandates a notification and approval by the FTC and DOJ, but according to the FTC, he was in "continuous violation" of the rules for several months back in 2017. 


Dolan ​won't be selling the teams, which would delight fans for both the Knicks and Rangers, but this latest report will certainly raise some eyebrows.