Newsday's Al Iannazzone takes you inside the Knicks.
NBA slam dunks MSG stock plan for LeBron
As per NBA spokesman Michael Bass regarding our earlier blog post and the report by Forbes Magazine national editor Michael Ozanian:
"Ownership of shares in MSG in a situation such as this would constitute Salary Cap circumvention."
Clearly the CBA rule outlined in my previous blog -- a player may own shares in a publicly-traded company that directly or indirectly owns an NBA team -- is reviewed on a case-by-case basis.
In this case, as the Forbes story reached the NBA offices, the loophole was closed.