As Jeremy Lin heads south, so does MSG stock

New York Knicks' Jeremy Lin celebrates in the final moments against the Dallas Mavericks in New York, Sunday, Feb. 19, 2012. The Knicks defeats the Mavericks 104-97. AP Photo/Seth Wenig

Jeremy Lin celebrates in the final moments
New York Knicks' Jeremy Lin celebrates in the final moments against the Dallas Mavericks in New York, Sunday, Feb. 19, 2012. The Knicks defeats the Mavericks 104-97.
AP Photo/Seth Wenig

(CBS News) It's no secret that Jeremy Lin's value to the Knicks transcended basketball. His story from undrafted Harvard grad to NBA sensation inspired fans worldwide. Interest in the team - and the value of Madison Square Garden shares - skyrocketed after the player burst onto the scene last February.

What a difference a few days makes. Over the last four days, MSG shares have collectively fallen $93 million in value, according to sports business reporter Darren Rovell.

The stock price for Madison Square Garden Inc. had surged on the production and popularity of the team's international star. As CBSSports.com's Royce Young notes, when Lin made his first start for the Knicks Feb. 6, MSG shares were trading at $29.49. On July 5, the stock had risen more than 30 percent up to $38.80.

Since Lin signed the "poison pill" offer sheet that the Knicks declined to match, shares have dropped to $35.50, an 8.5 percent fall.

"Linsanity" propels MSG shares to record high

On Wednesday alone - the day after Lin was officially an ex-Knick -- MSG stock lost a full 1 percent.

Lin had said he expected to be re-signed by the Knicks. After all, he won over the city last season with a string of electrifying performances before he was sidelined by a knee injury. Shortly after the Knicks officially declined to match, Lin was quoted on SI.com as saying, "Honestly, I preferred New York."

A sentiment no doubt shared by MSG stock holders.

  • Stephen Smith

    Stephen Smith is a senior editor for CBSNews.com

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