Madison Square Garden Sports Explores Knicks-Rangers Spin-Off

Company plans to separate NBA and NHL franchises into two publicly traded entities.

Published on Feb. 22, 2026

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Madison Square Garden Sports Corp. (NYSE: MSGS) announced that its Board of Directors has unanimously approved a plan to explore a potential spin-off that would separate the New York Knicks and New York Rangers businesses into two distinct publicly traded companies. The move is intended to give shareholders a clearer view of each company's assets and growth potential.

Why it matters

The Knicks and Rangers are two of the most valuable and iconic sports franchises in the world. Separating them into their own publicly traded entities could unlock value for shareholders and provide each business with enhanced strategic flexibility and a clearer focus.

The details

Under the proposed spin-off, the Knicks company would include the NBA franchise and the Westchester Knicks, while the Rangers company would comprise the NHL team and the Hartford Wolf Pack. If completed, MSGS shareholders would receive a pro-rata distribution of 100% of the new company's stock, pending league and board approvals.

  • Madison Square Garden Sports announced the spin-off plan on February 18, 2026.

The players

Madison Square Garden Sports Corp.

A sports and entertainment company that owns the New York Knicks and New York Rangers franchises.

Jim Dolan

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

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What they’re saying

“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.”

— Jim Dolan, Executive Chairman and Chief Executive Officer (Benzinga)

What’s next

The spin-off plan is subject to league and board approvals, and if pursued, the transaction is expected to be structured as a tax-free distribution to all shareholders.

The takeaway

The proposed spin-off of the Knicks and Rangers businesses could unlock value for Madison Square Garden Sports shareholders by providing each franchise with greater strategic focus and clarity for investors. The move reflects the company's efforts to maximize the potential of its premier sports assets.