The escalating U.S.-Israeli war with Iran, now entering its second week in March 2026, has sent shockwaves through global markets—pushing oil prices higher, disrupting travel routes, and fueling widespread economic uncertainty. For James Dolan, billionaire chairman of a sprawling sports, entertainment, and experiential tech empire, the conflict adds a new layer of complexity to an already intricate web of companies.
Dolan leads multiple interconnected entities, including Madison Square Garden Sports Corp. (owner of the New York Knicks and Rangers), Madison Square Garden Entertainment Corp., and Sphere Entertainment Co., the company behind the revolutionary Las Vegas Sphere and a bold international expansion strategy. His portfolio spans live sports, iconic venues like MSG and Radio City Music Hall, regional sports networks via MSG Networks, and cutting-edge immersive experiences through Sphere.
The immediate impact comes from soaring energy costs. Since late February 2026, oil prices have jumped as much as 13%, driven by attacks on Iranian facilities, disruptions in the Strait of Hormuz—which handles roughly 20% of global oil shipments—and halted tanker traffic. Rising fuel costs ripple through the economy: airlines face higher operating expenses, travel demand falters amid canceled flights and closed hubs like Dubai, and consumer spending tightens as everyday gas and heating bills rise.
For Dolan’s businesses, these pressures manifest in several ways:
Attendance at live events and venues — Concerts, games, and Sphere experiences rely on fans traveling, often internationally. Disrupted flights and increased travel costs could depress ticket sales, particularly for high-priced events and multi-city tours.
Economic drag on discretionary spending — Equity volatility, a shift toward safe-haven assets like gold, and potential slowdowns in consumer spending hit the entertainment sector hard. With Sphere’s $2.3 billion Las Vegas venue still recovering from losses, any pullback in sponsorships, advertising, or ticket revenue magnifies the challenge.
Geopolitical risk in the Middle East — Sphere Entertainment’s expansion into the region, including a planned venue in Abu Dhabi, now faces heightened uncertainty. While UAE projects remain untouched, regional strikes and instability could delay construction, deter investors, and complicate logistics.
Dolan’s empire, long criticized for its overlapping leadership, family control, and complex structure across public companies, faces amplified challenges. High debt loads from venue builds, ongoing questions about Sphere’s profitability, and scrutiny over governance are now compounded by unpredictable global risks tied to energy and geopolitical instability.
As the conflict shows no signs of a quick resolution—Israel continues its strikes while Iran signals prolonged resistance—investors and fans alike are bracing for extended turbulence. For Dolan, the bet on turning Sphere into a global entertainment network was always ambitious; the current crisis tests whether that vision can survive a world reshaped by war in the Middle East.