NYC Pension Fund Could Buy a Piece of the Knicks

A candidate for New York State Comptroller wants the public to own a stake in two famous sports teams. Adem Bunkeddeko proposes using state pension money to buy part of Madison Square Garden Sports. This company owns the New York Knicks basketball team and the New York Rangers hockey team. The state's pension fund is worth $290 billion. Bunkeddeko's idea would use a small part of it. The Comptroller manages this large pension fund for public workers. Bunkeddeko is running for that office. He argues the investment could be financially smart. He also says it would give New Yorkers a direct share in their iconic home teams. The proposal faces many hurdles. It would require approval from state authorities and the sports company itself. Critics may question the risk of investing public pensions in a sports franchise. If successful, it would be a rare case of a major public fund owning part of a professional sports organization.