Like most New York Knicks fans, Adem Bunkeddeko knows about disappointment, victories deferred and frustration with the team’s management. But unlike most fans, he could end up in a position to do something about it.
Mr. Bunkeddeko, a twice-failed congressional candidate who is running for New York State comptroller, is proposing using some of the state’s $290 billion pension fund to buy a substantial stake in Madison Square Garden Sports, whose holdings include the Knicks and the New York Rangers.
Mr. Bunkeddeko, a community organizer who has also worked at Empire State Development, the state economic development agency, believes the Knicks and Rangers are undervalued and that New Yorkers should share in the teams’ potential upside. He points to the market capitalization of Madison Square Garden Sports, which, at about $6.96 billion, is just over half of the combined private value of the Knicks (worth $9.75 billion) and the Rangers ($4 billion), according to Forbes.
“I think the headline is, should billionaires be the only people who get to own our culture?” Mr. Bunkeddeko said. “It could be a win for the state pension, and it also can be a win for the future of New York and the franchises and sports teams generally. From my perspective, the Knicks and the Rangers are part of our identity and New Yorkers should have a stake.”
Mr. Bunkeddeko wants to buy enough shares to hold up to 5 percent of the company’s stock, the most that the New York State Common Retirement Fund, as the pension plan is known, can hold in any listed company. A stake of that size — a potential investment of hundreds of millions of dollars — might earn the fund a seat on the board, which would, he said, give New Yorkers a voice in the management of the teams.
MSG Sports did not respond to several requests for comment.
As of October, the fund held 7,991 shares of Madison Square Garden Sports, worth roughly $2.25 million. Most of the fund’s domestic investments are index-based, with the rest of its public equity holdings managed by outside advisers.
The current comptroller, Thomas P. DiNapoli, serves as trustee of the pension fund. The comptroller does not directly select individual stocks, but does set the investment strategy, which could include investing more in companies like MSG Sports. Spokesmen for Mr. DiNapoli’s office and his campaign did not respond to requests for comment on Mr. Bunkeddeko’s plan.
There are precedents for public ownership of sports franchises. In Canada, the Ontario Teachers’ Pension Plan sold its stake in Maple Leaf Sports and Entertainment in 2012 for $1.32 billion, a huge return on its initial $44 million investment.
The Green Bay Packers, the only publicly owned, nonprofit team in the N.F.L., are overseen by a board of Wisconsin residents that periodically sells non-tradable shares to help pay for renovations of Lambeau Field, the team’s home. The shares, which were sold most recently for $300 each in 2022, confer few rights but are highly coveted by fans who want to “own” part of the team.
A handful of other professional teams, including the Atlanta Braves, are held by publicly traded companies.
There are caveats to Mr. Bunkeddeko’s plan, the biggest being that he first must be elected. He will face Mr. DiNapoli, the longtime incumbent, in the Democratic primary in June; other primary challengers include Drew Warshaw, an energy and housing executive, and Raj Goyle, a former Kansas state legislator.
Having served 18 years as comptroller, Mr. DiNapoli has far better name recognition and will most likely have the state party’s backing. He, Mr. Warshaw and Mr. Goyle each raised more than $1 million last year, with Mr. Warshaw bringing in the most at $1.7 million. By contrast, Mr. Bunkeddeko has raised $120,000, though that could rise if he hits the threshold that triggers public matching funds.
If he survives the primary and wins the general election in November, Mr. Bunkeddeko can direct the fund to start buying more Madison Square Garden Sports shares. Only about 15 to 17 percent of its shares are freely traded, with significant positions held by asset managers and entities linked to the Dolan family. The Dolan family also owns a separate class of shares that have more voting rights.
The shares surged in the second half of 2025 thanks to the Knicks’ deep playoff run and new, more lucrative N.B.A. media deals. The Rangers, now in their 100th season, have a rabid fan base that regularly packs the Garden despite the team’s recent struggles.
Mr. Bunkeddeko said that under his direction, the fund would not look for short-term profits.
“I would say it’s not simply just buying a little bit of shares, but being a significant minority player with the option of growing that stake,” Mr. Bunkeddeko said.
The N.B.A. allows institutional funds to own up to 20 percent of a team.
Nearly halfway through the season, the Knicks sit in third place in the Eastern Conference standings. Regardless of whether Mr. Bunkeddeko is elected, fans are hoping this is the year their team breaks its 53-year championship drought.
Ken Belson is a Times reporter covering sports, power and money at the N.F.L. and other professional sports leagues.
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