Home the New York Rangers and Radio City Rockettes, Madison Square Garden has acquired a reported $181 million stake (62.5%) in hospitality and nightlife group TAO, leaving TAO co-founders Marc Packer, Rich Wolf, and Noah Tepperberg with the remaining 37.5%.
TAO is recognized for operating a string upscale venues across North America with Brands including Marquee, the Stanton Social, and vandal. TAO currently has plans to expand in new metropolitan areas such as Los Angeles and Chicago.
James Dolan, MSG’s Executive Chairman commented on the massive partnership:
As part the agreement, the owners TAO will buy $1 million “MSG inventory or services” and pay their new partners an management fee $5.