MSG Sports to Spin Off Rangers in October
The Knicks owner said board approval puts a one-for-two share split of the Rangers business on a path to close by October 26, 2026.
Madison Square Garden Sports Corp. (MSGS) said its board approved a spin-off of the New York Rangers business, moving the company toward splitting its Knicks and Rangers franchises into two separate public companies.
The transaction is expected to be completed on October 26, 2026. Shareholders will receive one share of MSG Rangers Class A or Class B common stock for every two shares of MSG Sports’ Class A or Class B common stock, respectively.
“With our board’s approval we are now one step closer to our goal of separating our Knicks and Rangers businesses into two distinct public companies,” said Mr. Dolan.
The split is intended to allow each franchise to generate long-term value for shareholders as a standalone public company.
MSG Sports had already been working toward the separation. On February 18, 2026, it said its board approved the exploration of a possible spin-off that would separate the Knicks from the Rangers. In mid-May, the company said it had confidentially submitted a Form 10 registration statement with the U.S. Securities and Exchange Commission and then expected to complete the spin-off by the end of October 2026, subject to various conditions, including board approval.
That August update also described fiscal 2026 as highlighted by the Knicks winning the 2025-26 NBA championship. Full-year revenues were $1,153.8 million, operating income was $28.9 million, and adjusted operating income was $58.7 million. Fourth-quarter revenues were $278.7 million. Results reflected increases in average per-game revenues across tickets, suites, sponsorship, and food, beverage, and merchandise; higher national media rights fees from the NBA’s new national deals; and the impact of reductions in local telecast rights fees after amendments to the Knicks’ and Rangers’ local media rights agreements with MSG Networks.
MSG Sports is a leading professional sports company whose assets include the Knicks (NBA) and the Rangers (NHL), as well as two development-league teams, the Westchester Knicks and the Hartford Wolf Pack, and the MSG Training Center in Greenburgh, N.Y.
The company now expects the Rangers spin-off to close on October 26, following board approval of the separation.