Dolan is making a pretty good return from his sale of Tao. The Sphere’s budget has ballooned from $1.2 billion to $2.2 billion. The Post broke the news in January that Dolan, who also owns the Knicks and Rangers, was selling Tao and hopes to use the proceeds to finish the building of the Las Vegas Sphere Arena at the Venetian. Tao’s pricey clubs have long been playgrounds for Wall Street financiers and celebrities like Leonardo DiCaprio, Bella Hadid and Justin Bieber.Ī Morgan Stanley analyst calculated in December that Tao - which operates 32 New York City restaurants and clubs like Beauty & Essex, Lavo and Bar Moxy, as well as dozens of other venues in London, Singapore and Dubai - was worth $524 million. The Tao founders - Marc Packer, Rich Wolf, Noah Tepperberg and Jason Strauss - are keeping their stakes in the business. MSGE owns a 67% stake in Tao, which has an outstanding $90 million loan that will be reduced from Dolan’s share of the proceeds. James Dolan on Monday agreed to sell the Tao Group to PokerStars co-founder Mark Scheinberg in a deal that values the high-end restaurant business at $550 million.ĭolan’s Madison Square Garden Entertainment bought Tao in 2017 for $181 million and will receive $300 million of net proceeds in the sale, MSGE said in a press release. U2 christens Sphere in Las Vegas as Bono hails ‘mad bastard’ MSG owner James Dolan Sphere Entertainment stock soars 12% after opening concert by U2 U2 to extend residency at Sphere in Las Vegas ![]() ![]() Knicks to wear patch from owner James Dolan’s Sphere after seeking $30M deal
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