Madison Square Garden Sports Explores Spinoff of Knicks and Rangers

Potential deal would create publicly traded companies for each team, giving fans a rare chance to own a piece of their favorite franchises.

Published on Feb. 22, 2026

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Madison Square Garden Sports, the organization that owns the NBA's New York Knicks and NHL's New York Rangers, announced that its board is exploring a spinoff that would create publicly traded companies for each team. This proposed transaction would provide enhanced strategic flexibility and defined business focus for the individual teams, potentially unlocking value for investors.

Why it matters

There are few opportunities for investors to directly own shares in their favorite professional sports teams. The proposed spinoff of the Knicks and Rangers would give fans a rare chance to put their money where their rooting interests lie, as most major sports franchises are privately owned.

The details

The spinoff plan would separate the teams from Madison Square Garden Entertainment, which owns the arena. No timetable has been set, and the deal would require league approval. The Knicks are currently more valuable than the Rangers, with Forbes estimating the Knicks' worth at $9.5 billion in 2025. Analysts believe the spinoff could unlock significant value for shareholders.

  • On February 18, 2026, Madison Square Garden Sports announced it is exploring a spinoff of the Knicks and Rangers.

The players

Madison Square Garden Sports

The organization that owns the NBA's New York Knicks and NHL's New York Rangers.

Jim Dolan

The CEO of Madison Square Garden Sports.

New York Knicks

The NBA basketball team owned by Madison Square Garden Sports.

New York Rangers

The NHL hockey team owned by Madison Square Garden Sports.

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What they’re saying

“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, CEO, Madison Square Garden Sports (Investopedia)

“We like the proposed spin-off and see it as a viable step to potentially unlock value.”

— Citi Analysts (Investopedia)

What’s next

The proposed spinoff still requires approval from the respective sports leagues before it can move forward. No timeline has been set for completing the transaction.

The takeaway

The potential spinoff of the Knicks and Rangers would give fans a rare opportunity to directly invest in their favorite teams, as most major sports franchises remain privately owned. If approved, the deal could unlock significant value for shareholders by providing the teams with greater strategic flexibility and defined business focus.