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Cablevision Fields Sports-Franchise Offer

An investment group offers $700 million for the Knicks and Rangers.
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A former underling of Carl Icahn is leading an investment group's offer to buy the two New York sports franchises owned by Cablevision (CVC) for $700 million.

The online version of

The Wall Street Journal

reported late Monday that financier Russell Glass sent a letter to the company offering to buy its sports teams, the New York Knicks and New York Rangers, for $700 million, according to people familiar with the matter.

The investment group, also wants to bid for Cablevision's Madison Square Garden but didn't set a price, according to the



The letter to Cablevision, dated Oct. 18, was received when the company was weighing a proposal by the controlling Dolan family to go private and split off Cablevision's entertainment assets including Madison Square Garden. The offer was withdrawn a week later, but Glass' offer still stands.



reported that Cablevision hasn't yet responded to the bid, but quoted a Cablevision spokesman as saying that the company "has no plans to sell the Knicks and the Rangers and the inquiry does not look credible to us."

Glass was president of Icahn Associates from 1998 to 2002.