MSG Sports Explores Splitting New York Knicks and Rangers

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MSG Sports announced it will explore a plan to separate its two major sports franchises, the New York Knicks and New York Rangers, through a potential tax-free spin-off. The move is seen as a shareholder-friendly decision that could help close the gap between the company's market value and the estimated worth of the two high-profile sports teams.

Why it matters

Investors have long pushed for MSG Sports to unlock the value of its Knicks and Rangers assets, which are believed to be worth significantly more than the company's current market capitalization. A spin-off would allow the two teams to be valued independently, potentially driving up the overall valuation.

The details

Under the proposed plan, MSG Sports would separate the Knicks and Rangers into a new publicly traded company, allowing each franchise to be valued on its own merits. This could help unlock billions of dollars in value for MSG Sports shareholders, who have seen the company's stock trade at a discount compared to the estimated worth of the two teams.

• MSG Sports announced the exploration of the spin-off plan on February 18, 2026.

What’s next

MSG Sports said it will explore the potential spin-off plan in the coming months, with the goal of providing more details to shareholders.