MSG Sports Board Approves Corporate Spin-Off to Split Knicks and Rangers into Separate Public Entities

Madison Square Garden Sports Corporation (MSG Sports)has announced that its board of directors has formally approved the corporate spin-off of its New York Rangers operations from its New York Knicks business, establishing two independent publicly traded entities.

The structured transaction, which is scheduled for completion on October 26, 2026, will see the parent organisation renamed MSG Knickerbockers Corporation to house the New York Knicks and the Westchester Knicks.

Meanwhile, the newly formed entity, MSG Rangers Corporation, will encompass the New York Rangers, the Hartford Wolf Pack, and the professional sports performance facility known as the MSG Training Center. James L. Dolan will retain his leadership footprint across both newly structured organisations, serving as executive chairman and chief executive officer of MSG Rangers while remaining in his current roles at MSG Knicks.

Explaining the rationale behind the structural division, CEO of MSG Rangers, Dolan, emphasised the long-term shareholder value and distinct market positioning the separation affords each premier sporting franchise.

“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.”

“Both teams have storied histories and large and passionate fan bases, and we believe each company will be well-positioned to generate long-term value for shareholders,” Dolan said. 

Under the terms of the transaction, which is intended to qualify as a tax-free distribution for United States federal income tax purposes, registered stockholders will receive one share of MSG Rangers Class A or Class B common stock for every two corresponding shares of MSG Sports held as of the record date on October 20, 2026.

Market trading will transition through a complex schedule beginning on October 21, 2026, with when-issued and ex-distribution markets establishing distinct trading paths ahead of regular-way trading commencing on October 27, 2026, under the new ticker symbols MSGK and MSGR on the New York Stock Exchange.

Financial advisory services for the corporate restructuring are being led by J.P. Morgan, with Sullivan & Cromwell LLP providing legal counsel.

The completion of the corporate spin-off remains subject to final regulatory conditions, including the effectiveness of the Form 10 registration statement, final league approvals, and receipt of formal tax opinions.

Don’t miss out on the latest in sports business – Subscribe today to the free Ministry of Sport newsletter and stay ahead of the game. For even more exclusive insights, event tickets, professional development and networking events, become a MoS Member today!.