I am not a New York sports fan and took a position primarily due to other assets owned by the company, including among other things the Madison Square Garden Complex and associated air rights. But you certainly can't ignore the value of the Knicks and Rangers in the equation. The Knicks, which were recently listed as the No. 2 most valuable NBA franchise by Forbes, are worth an estimated $900 million. The Rangers are listed as the NHL's second most valuable franchise, worth an estimated $507 million by Forbes. Interestingly, Madison Square Garden has a total enterprise value of $2.6 billion, but the Knicks and Rangers alone are valued at more than $1.4 billion. I wonder what the Madison Square Garden property is worth? What is the company's media business worth? In all, MSG is a fairly compelling asset play. It will be interesting to see how the Manchester United IPO plays out, given the history of publicly traded teams in our markets. I, for one, am holding out for a Philadelphia Phillies IPO, which will likely never happen. It would certainly be a bit cheaper this year, given the way they are playing. At the time of publication, Heller was long MSG. This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.