Madison Square Garden Weighs Splitting Knicks and Rangers

Proposed spin-off would create two separate publicly traded companies for the NBA and NHL franchises.

Published on Feb. 22, 2026

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Madison Square Garden Sports announced it is considering splitting its New York Knicks and New York Rangers franchises into two separately traded public companies. The potential spin-off would provide each team with enhanced strategic flexibility and a clear business focus for investors.

Why it matters

This move could unlock value for shareholders and give the Knicks and Rangers more autonomy to pursue their own strategies. It also raises questions about whether Dolan is open to selling a minority stake in one or both teams.

The details

Under the proposed plan, the Knicks and their G League affiliate would make up one company, while the Rangers and their minor league Hartford Wolf Pack would be in the other. The split would require approval from the company's board, as well as the NBA and NHL. Dolan has said he is not looking to sell either team, but is open to selling minority stakes.

  • On February 18, 2026, Madison Square Garden Sports announced it is considering splitting the Knicks and Rangers.
  • The company has not set a deadline to make a decision on the potential spin-off.

The players

Madison Square Garden Sports

The company that owns the New York Knicks and New York Rangers professional sports franchises.

Jim Dolan

The executive chairman and 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 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 CEO, Madison Square Garden Sports (Madison Square Garden Sports statement)

What’s next

The proposed separation would require approval from Madison Square Garden Sports' board of directors, as well as the NBA and NHL.

The takeaway

This potential spin-off of the Knicks and Rangers highlights the value of major sports franchises and Dolan's willingness to restructure his holdings to unlock that value for shareholders, while maintaining control of the teams.