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Isola: Scott O'Neil is expected to resign.

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Update (2:44 PM): MSG has also released a statement and announced their intention to begin searching for a replacement. K.

Update (2:28 PM): Here's what appears to be O'Neil's statement, which would suggest that this is indeed happening.

This isn't breaking news yet-- it's just a rumor, and it's from Frank Isola-- but it is mildly interesting. According to Isola, President of Madison Square Garden Sports Scott O'Neil is expected to resign sometime next week. Here are the relevant Isola tweets:

MSG president Scott O'Neil is expected to resign next week, according to sources

Scott O'Neil has been a rising star in the business and made MSG a bundle of money. No word yet on why he's stepping down.

MSG exec Hank Ratner sent out an email to employees to announce that Scott O'Neil is leaving, according to sources.

Recall that O'Neil was a bro who pertained more to the business side of things-- marketing and whatnot for all of MSG's occupants-- but he'd made his way into the basketball operations over the last few years. He's supposed to have close connections with CAA, was one of the officials to meet with LeBron James's people when the Knicks were courting him, and was reportedly in the running to replace Donnie Walsh before Glen Grunwald was promoted into that position (Update: Reportedly pushed for Marky Wark's hiring for CAA reasons, too). He even emceed that Knicks roundtable during Linsanity, didn't he?

Whether O'Neil is actually leaving and, if so, why he's doing so (assuming it's something other than just the usual being fed up with the organization, though he kinda seems like part of the reason people have become fed up with the organization) remain to be seen. Just thought I'd pass this along.