Madison Square Garden Considers Splitting Knicks and Rangers

Potential move would create separate publicly traded companies for each franchise

Published on Feb. 21, 2026

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The Madison Square Garden Sports board of directors has approved a plan to explore spinning off the New York Knicks and New York Rangers into separate publicly traded companies. The proposed transaction would provide each franchise with enhanced strategic flexibility and a clearer business focus for investors, though it requires approval from the NBA and NHL and is not guaranteed to happen.

Why it matters

This potential move by MSG Sports could make it easier for the Dolan family, who have controlled both franchises since 1994, to potentially sell one or both teams in the future. It also reflects ongoing trends in the sports and entertainment industry of companies seeking to unlock value by separating different business units.

The details

Under the proposed plan, the Knicks and their G League affiliate would become one company, while the Rangers and their minor league team would become another. MSG Sports said there is no timeline to complete the move and it is not guaranteed to happen, as it requires approval from the NBA and NHL.

  • On February 18, 2026, MSG Sports announced its board had approved exploring the spin-off plan.

The players

Madison Square Garden Sports

The parent company of the New York Knicks and New York Rangers.

James Dolan

The CEO of MSG Sports, who became a minority owner of the Knicks and Rangers in 1994 and soon took majority control.

New York Knicks

The NBA basketball team owned by MSG Sports.

New York Rangers

The NHL hockey team owned by MSG Sports.

Brandon Ross

An analyst at Lightshed Partners who speculated the move could be a precursor to MSG taking the two teams private.

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What they’re saying

“We are exploring the opportunity to further create value for our shareholders by separating our two professional sports franchises into distinct companies.”

— James Dolan, CEO, MSG Sports (New York Times)

“Both the Knicks and Rangers are premier teams in their respective leagues, with storied histories and large and passionate fan bases. We believe this proposed transaction would provide each company with enhanced strategic flexibility, its own defined business focus, and clear characteristics for investors.”

— James Dolan, CEO, MSG Sports (New York Times)

What’s next

The proposed spin-off of the Knicks and Rangers still requires approval from the NBA and NHL, as well as other considerations. MSG Sports said there is no timeline for completing the transaction, and it is not guaranteed to happen.

The takeaway

This potential move by MSG Sports reflects ongoing trends in the sports and entertainment industry of companies seeking to unlock value by separating different business units. It could also make it easier for the Dolan family to potentially sell one or both of the iconic New York franchises in the future.