James signing with Miami deflates MSG stock
Basketball Betting Lines
07/09/2010 -
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.
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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Philadelphia, PA (Sportsbook Betting Lines) - The Philadelphia Flyers signed free agent
right winger Nikolai Zherdev to a one-year contract on Friday.
Zherdev played five seasons in the NHL, four with the Columbus Blue Jackets
and one with the
<< Ducks send D Eminger to Rangers
Anaheim, CA (Sportsbook Betting Lines) - The Anaheim Ducks have acquired forwards Aaron
Voros and Ryan Hillier from the New York Rangers in exchange for nomadic
defenseman Steve Eminger.
Voros registered three goals and four assists in 41 game
<< Rain stops U.S. Women's Open
Oakmont, PA (Sportsbook Betting Lines) - Heavy rainfall and lightning in the area forced
the suspension of Friday's second-round play at the U.S. Women's Open at
Oakmont.
Sophie Gustafson birdied the first hole, her only hole on Friday, to move in
fr
<< Raiders ink two from draft class
Oakland, CA (Sportsbook Betting Lines) - The Oakland Raiders have signed offensive
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draft class.
Veldheer, taken 69th overall in the third round, started 46 games
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Rangers reportedly land Lee; PC scheduled >>
Arlington, TX (Sportsbook Betting Lines) - The Texas Rangers are holding a press
conference at 6 pm (et) to make a major announcement.
According to multiple sources, including Evan Grant, who covers the team for
the Dallas Morning News, the
Rangers emerge as winner of Lee sweepstakes >>
Arlington, TX (Sportsbook Betting Lines) - The Texas Rangers have acquired highly
sought-after pitcher Cliff Lee, along with pitcher Mark Lowe and cash
considerations, from the Seattle Mariners in exchange for first baseman Justin
Smoak and three minor
White Sox lose Peavy for season >>
Chicago, IL (Sportsbook Betting Lines) - The Chicago White Sox will be without the
services of Jake Peavy for the rest of the season after the right-hander
announced Friday he will undergo surgery.
Peavy has a detached latissimus dorsi m
David Lee on his way to Warriors in sign-and-trade >>
Oakland, CA (Sportsbook Betting Lines) - The Golden State Warriors have acquired
forward/center David Lee in a sign-and-trade with the New York Knicks.
The Warriors sent forwards Kelenna Azubuike, Anthony Randolph and Ronny Turiaf
and a 2012 s
Marlins could start season without No. 2 starter Johnson
JUPITER, Fla. -- The Foorida Marlins are preparing for the likelihood that right-hander
Josh Johnson won't be ready when the season starts April 2.
Grapefruit League action starts Wednesday, but Johnson, penciled in as the No. 2 starter, hasn't even thrown off a mound at full speed since September. He's experienced some soreness in his right forearm.
MySportsbook.com have the Marlins listed with baseball betting lines at +800 to win the NL East this season .
''You guys know the math. If he's not on the hill then he becomes an opening day roster issue,'' manager Fredi Gonzalez said Saturday. ''We're borderline now.''
Johnson, who finished 12-7 with a 3.10 ERA in 2007, was supposed to throw on flat ground Saturday. That was canceled when he woke up with pain.
He played catch on Wednesday with no pain but felt discomfort in a throwing session on Thursday. He's expected to try again Sunday.
''Like we always said from the very beginning, we're going to take it easy on him,'' Gonzalez said. ''He didn't feel right, so we shut him down. We're going to take it back to step one and see where we're at.''
Among the candidates to take Johnson's spot in the rotation are left-hander Chris George and right-handers Yusmeiro Petit and Jose Garcia.
Right-hander Sergio Mitre, who missed most of last season with arm and shoulder problems, also is behind.
With Johnson's status doubtful, Gonzalez said right-hander Ricky Nolasco will stay in the rotation and no longer will be considered a candidate for closer.
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FOOTBALL BETTING LINES
NFL Football Sports BettingTwo playoff teams from 2007 take center stage on the NFL Network Sunday night in a Week 2 NFL betting match-up when the (0-1) New England Patriots betting head south to Florida for a contest with the (1-0) Tampa Bay Buccaneers.
New England HC Bill Belichick couldn’t care less about the way his team plays in the preseason. With a chance to tie last week’s game with the Baltimore Ravens betting, He elected to go for the two-point conversion and outright victory. The conversion failed, and the Pats ended up falling to the Ravens by a 16-15 final count.
New England rolled off twelve unanswered points to give it a chance at securing the victory, but it never threatened to cover the 3.5-point spread. NFL bettors saw this one coming, as they bet the Ravens down from +6 to +3.5 as the week progressed. QB Tom Brady didn’t take part in the Patriots first preseason clash, but could see action this weekend.
His three replacements all put up embarrassing numbers. They went a combined 17 for 33, and threw three interceptions and no touchdowns. The New England defense was encouraging, as they held the Ravens to 2/12 third down conversions and surrendered just ten first downs. That ‘D’ should be bolstered with the addition of former Bucs and Denver Broncos betting safety John Lynch, who could make his Patriots debut on Sunday against his former mates.
HC Jon Gruden had to be impressed with the way his Bucs played on both sides of the ball in their dominating 17-6 victory over the Miami Dolphins in Week 1’s NFL pre-season betting action. Bucs bettors were quite happy with the effort, as they made a mockery of the fact that they were underdogs in the game.
The logjam at the quarterback position didn’t get any easier to separate for Gruden, as all four of his QBs had positive experiences in the first exhibition of 2008. The four combined to complete 28 of their 40 passes for 204 yards and a touchdown, and that was without starting QB Jeff Garcia in the lineup.
RB Michael Bennett had 19 carries and four receptions, totaling 90 yards and a touchdown. Expect to see more of Bennett, Kenneth Darby, and Earnest Graham, as they all compete for playing time with Warrick Dunn in the backfield this season. Defensively, the Bucs recorded four sacks and held the Fins offense in check all day.
First round draft pick Aqib Talib was impressive in the secondary, recording a tackle and two pass defenses in his debut. Don’t be surprised to see Talib in the starting lineup opposite Ronde Barber for the Bucs in ’08.
The betting trends suggest that NFL bettors should be backing the Bucs in this intra-conference exhibition.
These two teams hooked up last year in Tampa Bay, with the Bucs winning that game 13-10. The Buccaneers have only lost one preseason game at home dating back to the beginning of the ’05 preseason. The Patriots have had a mixed bag of results in their recent exhibitions. They have gone 2-2 ATS and SU each of the last three years.
New England currently sits as modest 1-point favorites in this preseason showdown with the ‘total’ now sitting at 34.5.
You can find these lines and all of the NFL betting lines , so be sure to login and get your wagers down before kickoff!
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