FILE PHOTO: New York Knicks owner James Dolan speaks during a news conference announcing Knicks interim head coach Mike Woodson will be taking over the team from head coach Mike D’Antoni, who mutually agreed to part ways with the team before their NBA basketball game against the Portland Trail Blazers, at Madison Square Garden in New York, March 14, 2012. REUTERS/Adam Hunger
WASHINGTON (Reuters) – U.S. regulators have charged the chairman of the Madison Square Garden Co (MSG.N), which owns the New York Knicks and New York Rangers sports teams, with securities violations, the Federal Trade Commission said in a statement on Thursday.
James Dolan, who serves as executive chairman, agreed to pay $609,810 in civil penalties to settle allegations that he failed “to report in a timely manner his acquisition of voting securities,” the FTC said.
Reporting by Susan Heavey; Editing by Mohammad Zargham