Three months late and about $100 million short.

That is how industry analysts deemed the $700 million offer from financier Russell Glass to buy the Knicks and the Rangers.

The offer, which was received and rejected five weeks ago, was first reported in The Wall Street Journal yesterday.

A spokesman for Cablevision, the media conglomerate that owns the teams and Madison Square Garden, confirmed the offer but said no talks occurred because the company did not consider it serious.

"We have no plans to sell the Knicks and Rangers and the inquiry did not look credible to us," the company said in a statement.

[Only registered and activated users can see links. ]