‘I’d Rather Have Ben Stiller’: Isiah Thomas’s Knicks Role Puzzles Investor

Nearly a decade after a sexual harassment incident involving Isiah Thomas led James Dolan's company to pay $11.5 million, the former Knicks coach and president will soon again be associated with the team as a member of its board of directors. Thomas will join the board for MSG Knickerbockers Corp., the newly established entity that will own the Knicks and their G League affiliate, the Westchester Knicks, according to a Securities and Exchange Commission filing dated Wednesday.

Alongside other board members, including Irving Azoff, manager of the famous rock band The Eagles, Thomas will not serve as an employee of MSG Knickerbockers nor hold any position in business operations. The news that Thomas would rejoin the Knicks as a board member baffled Jonathan Boyar, president of Boyar Value Group, an investor in MSG Sports who advocated for a spinoff last summer, about eight months before MSG announced its consideration of one.

"This is exactly why fans and investors have such a negative view of Dolan," Boyar told Front Office Sports. "He could have chosen anyone to be on this board, including famous Knicks fans. Why select such a divisive figure? What does he contribute?" Boyar expressed a preference for someone like Ben Stiller or rapper Fat Joe. Overall, Boyar is pleased with the spinoff, which was approved by the MSG Sports board of directors on Wednesday.

Thomas's role as a board member will commence upon completion of the deal on October 26, when MSG Knickerbockers will trade independently on the New York Stock Exchange. The Rangers will trade separately under the name MSG Rangers Corp. The individual valuations of both entities remain undisclosed. MSG Sports currently has a market capitalization of approximately $9.5 billion, while Forbes values the Knicks at $9.75 billion.

Shareholders of existing MSG Sports will retain their shares in MSG Knickerbockers and receive additional shares in the newly formed MSG Rangers company, as per the SEC filing. Boyar commented, "This has been a long time coming." Whether Boyar's public pressure contributed to the spinoff decision remains unknown, as MSG has not acknowledged him or his campaign.

Despite the mixed opinions, Boyar remains a satisfied shareholder. Isiah Thomas, 65, had a distinguished NBA career with the Pistons, winning two championships and being inducted into the Naismith Basketball Hall of Fame. Following his retirement in 1994, he served as EVP of the Raptors and head coach for the Pacers before joining Dolan in 2003 as president and general manager of the Knicks.

Thomas took over as head coach in 2006. During his tenure, the Knicks, with Thomas in a leadership role, performed poorly, making the playoffs only once over seven seasons. He was dismissed in 2008 by the team's then-president Donnie Walsh. Thomas, Dolan, and MSG were involved in a lawsuit by Anucha Browne Sanders, a former MSG marketing executive, over allegations of sexual harassment.

The settlement for $11.5 million was reached in December 2007. Dolan has consistently supported Thomas, hiring him to run the Liberty in 2015 (Dolan owned the WNBA team from 1997 until 2019, when he sold it to Nets owner Joe Tsai). Thomas also currently serves on the boards of Dolan's Sphere Entertainment Co. and United Wholesale Mortgage, owned by Suns governor Mat Ishbia. MSG Sports declined to comment on the matter.