The Madison Square Garden is looking to sell its Women's National Basketball Association franchise, the New York Liberty.
The New York Liberty, established in 1996, is one of the original eight teams in the women's professional basketball league. The company said Tuesday it is actively seeking a buyer to take over immediate operations of the franchise.
MSG, which also owns Madison Square Garden -- home of the Liberty -- and the National Basketball Association's New York Knicks, was the team's first owner.
"This was a difficult decision for us, which we made after carefully assessing the needs of our business," Chief Executive James Dolan said in prepared remarks.
The announcement about seeking a buyer of the team comes one day after the company said David O'Connor would step down from his roles as CEO and president. The company named Mr. Dolan as his interim successor.
Shares in the company fell 1% to $222.71 in Tuesday trading.
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