2005_11_cablevision.jpgThe Wall Street Journal reported Monday night on their website that Cablevision received a $700 million offer from an investment group led by Russell D. Glass. While the offer did not include Madison Square Garden, the group was also open to working on a deal for the arena. Cablevision said they had no plans to sell the Knicks and Rangers, but did not say if the two parties were still in contact.

In its most recent franchise valuations, Forbes Magazine put the Knicks at $494 million and the Rangers at $263, a number that may have decreased since the lockout last season. With the Knicks and Rangers down in recent years (ignore the fact that the Rangers are somehow in first), $700 million almost sounds like a good deal for Cablevision. Then again, if the two teams are well managed, Gothamist thinks they might be worth more than $800 million. And if we think that, the Dolans probably think the team is worth more than $1 billion.

We can only imagine that a lot of Knicks fans out there are willing to put up a few bucks to get their team out of the hands of the Dolans.