More bad news for New York Knicks fans.

Team owner James Dolan does not intend to sell the team, despite a recent Crain's report stating he was laying the groundwork to part with both the Knicks and the New York Rangers.

A statement from the Madison Square Garden Company flatly said, "There are no plans to sell the Knicks or the Rangers," according to Stefan Bondy of the New York Daily News.

Crain's reported that Dolan was exploring a move in which the Rangers and Knicks would be separated from MSG and placed in a new public company. Dolan would control that company, but then be able to move stock as he pivots into more business investments.

Dolan inherited MSG from his father Charles Dolan in 1999. The Rangers have been respectable under his watch, but the Knicks have the worst record in the NBA over the past 17 seasons.

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