New York Liberty Basketball Team Up For Sale

NEW YORK, NY — The Madison Square Garden Company is putting the New York Liberty women's basketball team up for sale after 21 years, the firm announced Tuesday. The company, which owns the eponymous arena where the Liberty play home games, said it is seeking a buyer who can "take over immediate operations of the franchise."

The move comes just a day after Jim Dolan, the company's executive chairman, took over as interim CEO following the Monday departure of CEO David O'Connor.

"This was a difficult decision for us, which we made after carefully assessing the needs of our business," Dolan said in a statement. "We are confident that new ownership can build on the foundation we established over these last 21 years, and steward this incredible franchise into an even more successful future."

The Liberty was one of the WNBA's eight original teams and today is second in the league for all-time wins. It's qualified for the playoffs 15 times and gone to the WNBA finals four times.

Because of its fanbase and history in one of the world's biggest cities for sports and media, the Madison Square Garden Company said it expects "that new ownership will realize the benefits of having the team remain in New York."

The company's stock rose after it announced the sale.

"The Liberty now presents a tremendous opportunity for a new owner to bring new resources, creativity and focus to ensure the team becomes an enduring success," Dolan said in a statement.

The Madison Square Garden Company still owns the NBA's New York Knicks and the NHL's New York Rangers, the Midtown arena's two other biggest tenants.

Watch Now: New York Liberty Up For Sale

(Lead image: Cappie Pondexter then a player for the New York Liberty, is introduced to the 2014 WNBA All-Star Game at US Airways Center in Phoenix, Arizona. Photo by Christian Petersen/Getty Images)