Funny... The city has it assessed at ~$49 Million based on a market value as of April 1, 2018.
Assessment and Taxation Department - City of Winnipeg
edit: Are you saying MSG has no value?
MSG being madison square garden? it has value as entertainment theater. Its not just a hockey arena. It has value as a transit station, shopping district, and connector of underground passages. it has value as much as richardson building downtown.
Bell MTS like every single sporting arena has zero value to the owner.
If one were to buy the building its for owning the land or operating the lease for the tenants like SkyDome. It was sold for $25 million to Rogers. The land it sits on is extremely valuable due to it being in the hub of the railways and transit corridor.
The mistake Rogers did was thought they would be able to use the ownership to negotiate its principle stake as a ltd company which backfired when it needed $$ for renovations. Using tax dollars would be illegal in the province of Ontario which is part III why Toronto has no money to spend on sporting facilities.
The land the skydome sits now is completely useless as its now permanently zoned as entertainment use only so good luck tearing the skydome down and CN tower to build anything sports related. Rogers blew it off as a tax loss most likely.
MSG is also owned by publicly traded company that is reinvesting its profits into its sports teams by 70% which means anything it owns is part of the overall property of its holdings. MSG indirectly has zero value to the profits of the Rangers or Knicks.
If you were to buy the Knicks or Rangers Dolan does not have to sell the arena rights over to the new owner.