Donnie Walsh is stepping down as the New York Knicks’ president of basketball operations after a three-year tenure that turned a struggling franchise into a playoff team led by All-Stars Amar’e Stoudemire and Carmelo Anthony .
Madison Square Garden Co., controlled by the Dolan family, may sell its Live Nation Entertainment Inc. stake after its chairman resigned from the concert promoter’s board, a Stifel Nicolaus & Co. analyst said.
New York Knicks owner James Dolan said his team has the talent and character to succeed after losing the coach hired to bring the franchise a championship. For at least one night, the players backed him up.
U.S. stocks rose, with the Standard & Poor’s 500 Index erasing an earlier decline, as data showing employers added fewer workers than anticipated in July signaled the Federal Reserve will continue its stimulus efforts.