Sell Madison Square Garden If the Rangers Lose?

That's not an exact science because Ozanian fails to factor in cost savings related to less hockey and the fact that the MSG-owned New York Knicks have already clinched a playoff spot. Postseason revenue from basketball should help offset any hockey-related losses.

It's not just that MSG owns the Rangers and the Knicks and the arena the teams play in. The company also owns the stable of Madison Square Garden television networks that air the games. So, we're talking about some serious synergy between revenue streams.

Ozanian points out that losing Rangers revenue because of a first round exit could hit MSG hard, particularly because the company saw net income decline by $5 million between the first six months of fiscal year 2011 and the first six months of fiscal year 2012. What Ozanian does not explain is that you can attribute this loss primarily to the labor dispute that cut the NBA season short.