In an offseason of unexpected occurrences, well, here we go again. This time, it’s the reigning champions, but the move to bring back former New York Knicks head coach and team president Isiah Thomas has stirred up some rather controversial memories from two decades ago. It comes as Madison Square Garden Sports Corp. prepares to complete its split, separating its basketball and hockey franchises into distinct publicly traded companies.
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The board of directors has approved the restructuring, which is scheduled to be completed by October 26, ahead of the opening week of the NBA season. Before we get to Zeke’s official role, this move will create two standalone companies listed on the stock market: MSG Knickerbockers Corp., which will trade under the symbol “MSGK,” and MSG Rangers Corp., which will trade under “MSGR.”
Importantly, James Dolan will serve as executive chairman and chief executive officer of both entities. Isiah Thomas, who serves on the board of Mat Ishbia’s UWM, will join the MSG Knickerbockers Corp. board of directors, which governs the Knicks and their G League affiliate, the Westchester Knicks.
Despite not being seen courtside, Thomas has remained in Dolan’s orbit. Zeke has long served as an informal advisor while holding corporate roles across Dolan’s holdings, including serving as president of the WNBA’s New York Liberty from 2015 to 2019, when it was under Dolan’s ownership, and as a board member of Sphere Entertainment since 2020.
On the other hand, former Knicks executive Steve Mills will join the board of MSG Rangers Corp. Dolan even issued a public statement addressing the major MSG business move.
“Both teams have storied histories and large and passionate fan bases, and we believe each company will be well-positioned to generate long-term value for shareholders,” Dolan said in a statement.
Interestingly, though, there were no comments made on Thomas’ involvement. In fact, New York reporters learned of the two-time champion’s return only through public filings. Normally, a board of directors’ role only answers to stakeholders directly and isn’t a basketball role that requires making roster decisions.
Still, the news of Thomas’ return to the boardroom has drawn mixed reactions across the New York sports landscape, reopening old wounds for a fanbase that endured one of the franchise’s most turbulent stretches during his initial tenure in Manhattan. Here’s a trip down memory lane that no one asked for.
The Pistons legend originally joined the Knicks as team president in December 2003, then served as head coach from 2006 to 2008. His tenure overseeing basketball operations was marked by high payrolls, bizarre trades, and limited postseason success, including a 56-108 (.341) record over two seasons as coach. The Knicks posted one of the worst records. Thomas was fired after the 2007-08 season. But the basketball side wasn’t as bad as what went down off-court…
What marred it for the Knicks was the controversial litigation, a 2007 harassment lawsuit filed by a former team executive, which resulted in MSG and Dolan paying an $11.5 million settlement after a jury awarded approximately $11.6 million in punitive damages to the plaintiff. According to The New York Post, Thomas did not contribute to paying that settlement amount.
Despite his departure in 2008, Thomas maintained a close relationship with Dolan and spearheaded corporate initiatives, including executive roles at Isiah International, an original minority ownership stake in the Toronto Raptors, and various corporate directorships across public companies.
In fact, Dolan reportedly wanted to bring him back to the Knicks on a consulting basis, but that plan didn’t materialize because Thomas took a collegiate gig as FIU’s head coach. Around that time in 2010, Thomas also played an outside role in the Knicks’ attempt to bring LeBron James on board, which didn’t pan out.
Thomas then helped the team land Amar’e Stoudemire, who carried the Knicks back into the playoff picture, and the Knicks even credited Thomas for it.
Now, for Knicks supporters, though, the timing of the board announcement creates a stark juxtaposition. The franchise is coming off an extraordinary period of operational roster stability and competitive success on the floor, headlined by a memorable 2026 championship that generated an additional $66.9 million in playoff revenue for MSG Sports. Last season was a historic one for them on all fronts.
While Thomas’ new role on the board of directors centers on greater boardroom involvement alongside Dolan rather than day-to-day roster decisions or basketball operations, his return to the Knicks’ primary corporate entity does raise eyebrows. Perhaps we’ll get more clarity on his role, or he’ll talk about it himself as New York’s season to defend its championship after 53 years begins.