James Dolan, the owner of the New York Knicks and the New York Rangers, is reportedly considering selling his share of the Tao Group, which includes a number of high-end nightclubs and restaurants. The company, which was founded in the early 2000s, has locations in cities across the United States, as well as internationally. A portion of the Tao Group remains in the hands of its founders, Jason Strauss and Noah Tepperberg., Marc Packer and Rich Wolf.
According to sources familiar with the matter, Dolan has been in discussions with potential buyers for the past few months and is reportedly seeking at least $700 million for the company. It is not clear at this time who the potential buyers are or if a deal will be reached.
The Tao Group has been a major player in the nightlife and dining scene in New York City and beyond, with venues including the famous Tao Downtown nightclub in Manhattan and the Lavo Italian restaurant and nightclub in Las Vegas. The company has also expanded into event production and marketing.
Dolan has not commented on the reports of a potential sale, and it is not known what his plans are for the future of the Tao Group if a sale does not go through. It remains to be seen how the sale of the company, if it were to happen, would impact its operations and employees.
In 2021, Tao Group acquired Hakkasan’s restaurants and nightlife venues for $99 million at what now appears to be a bargain price.