James Dolan looking to sell Tao nightclub and restaurant chain

MSG owner James Dolan has “quietly moved to auction off the upscale Tao nightclub and restaurant chain,” according to Josh Kosman of the N.Y. POST. Insiders said that the move “looks like a desperate bid to fund the ballooning tab for a costly project in another arm of his entertainment empire.” Sources said that MSG Entertainment has “hired Goldman Sachs to explore a sale of Tao Group.” Rockets owner Tilman Fertitta is a "rumored suitor for Tao.” A Morgan Stanley analyst calculated that Tao "was worth" $524M. MSGE’s 67% stake in Tao “would be worth” $274M, when subtracting Tao’s $85M “in debt.” Insiders said that is a "sum that could help Dolan close” a $600M “gap in the construction budget for the MSG Sphere” (N.Y. POST, 1/4).