From Neil Best at Newsday.com:

The Sports Business Journal reported this morning that the NHL is taking legal action against the Rangers that could result in an attempt to take ownership of the franchise away from MSG.

No, really. Or so it says here:

“The NHL has proposed disciplinary proceedings against MSG that could result in the suspension or termination of their ownership of the NHL Rangers, according to a draft letter written by NHL Commissioner Gary Bettman that was filed in New York district court late yesterday. The letter, part of the league’s ongoing legal fight against MSG, alleges that MSG – by suing the NHL – has violated the league constitution.”

more

Update 12:29pm ET: The complete text of the SBJ story has been reprinted at the Sporting News today.

Update 2:22pm ET: Press release from the NHL (below)

Update 2:39pm ET: Eric Duhatschek in the Globe & Mail’s hockey blog:

The war between the Rangers and the NHL started over who controls the rights to new media and the potentially lucrative revenue streams that it produces now and down the road. Three times, the Rangers’ lawsuits have gone to court; three times the NHL won its case. Instead of understanding the old maxim that three strikes and you’re out, the Rangers have challenged the NHL on an anti-trust basis – essentially arguing that everything the league does is unlawful.

In effect, Wednesday’s filing by the NHL is a counter-attack – what a source with knowledge of the situation described as “trying to put the Rangers at risk” after failing to abide by previous court rulings. NHL commissioner Gary Bettman, passing through the lobby of a downtown hotel, declined comment. However, sources said the league was asking the court for permission to fine, suspend or in a worst-case scenario, forfeit the franchise, if it MSG persists in its action.

Update 3:45pm ET: NYR respond to the lawsuit. (noted below)

NYR response, courtesy of Sam Weinman at Rangers Report:

“Not surprisingly, the NHL is once again proving why an independent judge must address our claims. Despite trying to resolve our differences privately, the League has responded with excessive fines and now threats that have nothing to do with the merits of our position. Every American citizen or business has a right to go to court and have its dispute heard by an impartial judge. The NHL shouldn’t be afraid of the judicial system. We will pursue our case vigorously and will not be intimidated by the NHL’s bullying tactics.”