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N.Y. POST REPORTS MSG DEAL COULD BE IN JEOPARDY
Published December 6, 1994
There is a "persistent rumor" around Wall Street that the sale of Madison Square Garden and its teams is "coming unstuck," according to Neal Travis of the N.Y. POST. ITT and Cablevision had hoped to finalize their $1.2B deal for MSG by the end of '94, but an ITT spokesperson "confirms that is not going to happen." Travis reports that an ITT shareholders' "revolt" against a price "well above" MSG's value could put the deal in jeopardy. If both sides wanted out, the NHL lockout "can be construed a 'material, adverse, condition' that could legally void the deal," according to one Wall Street observer (N.Y. POST, 12/6).