MSG Sports Explores Spin-Off of Knicks and Rangers

Transaction Would Separate Knicks and Rangers Businesses to Create Two Distinct Public Companies

Published on Feb. 21, 2026

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Madison Square Garden Sports Corp. announced that its board of directors has unanimously approved a plan to explore a possible spin-off that would separate its New York Knicks business from its New York Rangers business, creating two distinct publicly traded companies. The proposed transaction is expected to be structured as a tax-free spin-off to all Company shareholders.

Why it matters

The spin-off would enable shareholders to more clearly evaluate each company's assets and growth prospects, while providing both companies with enhanced strategic and financial flexibility. The Knicks and Rangers are two of the most valuable and iconic professional sports franchises in the world.

The details

If the spin-off transaction proceeds, the New York Knicks company would include the Knicks NBA franchise and the Westchester Knicks G League team. The New York Rangers company would include the Rangers NHL franchise, the Hartford Wolf Pack AHL team, and the MSG Training Center. The transaction would be subject to various conditions, including required league approvals, a tax opinion, and MSG Sports board approval.

  • MSG Sports announced the plan to explore the spin-off on February 18, 2026.

The players

Madison Square Garden Sports Corp.

A leading professional sports company that owns the New York Knicks (NBA) and the New York Rangers (NHL), as well as two development league teams.

Jim Dolan

Executive Chairman and Chief Executive Officer of Madison Square Garden Sports Corp.

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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.”

— Jim Dolan, Executive Chairman and Chief Executive Officer (Business Wire)

What’s next

Completion of the transaction would be subject to various conditions, including required league approvals, receipt of a tax opinion from counsel, and Company board approval. The Company has not set a timetable for completion of this process.

The takeaway

The proposed spin-off of the Knicks and Rangers businesses would allow each franchise to have a clearer focus and strategic flexibility, potentially unlocking more value for shareholders. This move highlights the continued importance of iconic sports franchises and the desire to maximize their potential.