Cablevision: Teams, Garden Not for Sale

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Cablevision Systems Corp. rejected a $700 million offer for the National Basketball Association’s New York Knicks and the National Hockey League’s New York Rangers last month, AP reported.

The offer was made in an Oct. 18 letter from a group led by financier Russell D. Glass, a former executive at Icahn Associates, according to AP. The group also proposed a separate bid for Madison Square Garden, without specifying a price, AP reported.

The Wall Street Journal said Carl Icahn was not involved in the bid.

“Cablevision has no plan to sell the Knicks and Rangers, and this did not appear to be a credible offer," Cablevision spokesman Charles Schuler told AP, declining further comment.

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