Nassef Sawiris plans to up his stake in owner of New York Knicks, Rangers

Sawiris’ family office NNS Holding is aiming to increase their stake in Madison Square Garden Sports (MSGS) to 6.3% from a current 5%, NNS Holding revealed in a regulatory filing.

In addition to the famed sports arena of the same name, MSGS owns the basketball team New York Knicks as well as hockey’s New York Rangers.

The move will make Sawiris one of the three largest shareholders in the company, reports Bloomberg. This comes as MSGS saw their shares fall 15% this year as the pandemic forced the NBA and NHL to end their seasons with empty stadiums. Sawiris also has investments in sporting-goods maker Adidas and English football club Aston Villa.