New York Knicks fans are finally celebrating as their team returns to the NBA Finals for the first time since 1999, and owner James Dolan is enjoying an unexpected reputation rehabilitation. After years of criticism for the franchise's poor performance and controversial arena tactics, Dolan finds himself vindicated by the team's championship run.

MSG Sports shares have nearly doubled over the past year, with the company holding an enterprise value of approximately $10bn. The sports conglomerate owns both the Knicks and New York Rangers, but Wall Street is now buzzing about a potential separation that could unlock hidden value. This "Dolan discount" reflects how shares have historically traded below private estimates of the franchises' worth.

Meanwhile, Dolan's Sphere Entertainment in Las Vegas has proven his acumen beyond sports, generating $379mn in revenue last year as the world's highest-grossing arena. The $2.3bn venue's success with acts like U2 and Phish demonstrates his ability to execute bold investments.

With Game 3 tickets exceeding $4,000 and championship speculation mounting, investors see a potential windfall. The Knicks' turnaround under team president Leon Rose, including the shrewd acquisition of star Jalen Brunson, suggests Dolan's hands-off approach may finally deliver returns that match his reputation.