Savor Manchester United's IPO

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.