The Madison Square Garden Company (MSG) has promoted Andrew Lustgarten to the position of president, effective immediately.
Lustgarten takes the role having joined MSG in 2014 as executive vice president of corporate development and strategy, and effectively replaces David O’Connor, who abruptly stepped down as MSG chief executive last month.
He will now be responsible for overseeing the company’s growth and corporate development activities, managing its entertainment and sports bookings and productions businesses, as well as all aspects of the business operations of MSG’s professional sports franchises.
MSG’s sports portfolio includes the New York Knicks basketball team, the New York Rangers ice hockey team, and their home arena, Madison Square Garden, in Manhattan. It also owns the new York Liberty Women’s National Basketball Association (WNBA) franchise, although it announced plans to sell the team in November.
"MSG is unlike any other company in the world,” said Lustgarten, who will report to MSG's executive chairman and chief executive, James Dolan.
“There is so much opportunity for our incredible assets to grow and to further expand MSG's position as the world's leading sports and entertainment company.
“I am deeply honoured to take on this new role and look forward to working with the extraordinary people across MSG to realise the enormous potential ahead of us."
A former senior executive at the National Basketball Association (NBA), Lustgarten is credited with having driven the development and diversification of MSG’s business over the past three years. As well as overseeing live operations, he has spearheaded the company’s acquisitions of hospitality provider TAO Group, Boston Calling Events and Counter Logic Gaming, a North American esports organisation.
He also played a central role in MSG’s investments in daily fantasy sports company DraftKings, and virtual reality firms Jaunt and NextVR.
"Andy is the perfect person to help lead MSG at this point in its history," said Dolan. "His unique experience in sports, live entertainment management and corporate development will be critically important as we continue to focus on enhancing our core businesses and identifying compelling opportunities that further our presence and influence in live experiences."