MSG Sports Eyes Spinoff to Separate Knicks and Rangers

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Madison Square Garden Sports (MSGE) announced plans to explore a spinoff that would separate its New York Knicks and New York Rangers businesses into two publicly traded companies. The proposed tax-free transaction would allow each business to have a distinct market focus and capital structure.

Why it matters

The spinoff would allow MSG Sports to unlock value for shareholders by enabling the Knicks and Rangers to operate as independent, publicly traded entities. This could provide more flexibility for each franchise to pursue strategic initiatives and investments tailored to their specific needs and market dynamics.

The details

Under the proposed plan, MSG Sports would execute a tax-free spinoff to separate the Knicks and Rangers into two publicly traded companies. This would give each franchise the ability to have its own management team, board of directors, and access to capital markets. The transaction is subject to various conditions, including final approval by MSG Sports' board of directors, regulatory approvals, and other customary requirements.

• On February 18, 2026, MSG Sports announced plans to explore a spinoff of its Knicks and Rangers businesses.

What’s next

The proposed spinoff transaction is subject to various conditions, including final approval by MSG Sports' board of directors, regulatory approvals, and other customary requirements.