MSG Exploring Splitting Knicks and Rangers into Separate Companies

Madison Square Garden's board approves plan to potentially separate NBA and NHL franchises

Published on Feb. 22, 2026

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Madison Square Garden Sports CEO James Dolan has revealed that the company's board of directors has approved a plan to explore spinning off the New York Knicks and New York Rangers into two separate publicly traded companies. While no timeline has been set, the move would provide each franchise with enhanced strategic flexibility and a clearer business focus for investors.

Why it matters

Separating the Knicks and Rangers could make it easier for MSG to sell minority stakes in one or both franchises in the future, though Dolan has said he is not interested in selling the teams outright. The move could also potentially pave the way for the teams to become privately traded in the future.

The details

Under the approved plan, the Knicks and their G League affiliate the Westchester Knicks would become a separate company from the Rangers and their minor league team the Hartford Wolf Pack. However, the NBA and NHL would both need to approve the move, and there are other unspecified "considerations" that could impact whether the split is completed.

  • On February 18, 2026, MSG's board of directors approved the plan to explore spinning off the Knicks and Rangers.

The players

James Dolan

The CEO of Madison Square Garden Sports, which owns the New York Knicks and New York Rangers.

Madison Square Garden Sports

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

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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. 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.”

— James Dolan, CEO, Madison Square Garden Sports (The New York Times)

What’s next

The NBA and NHL must approve the plan for the Knicks and Rangers to be split into separate companies. There is currently no timeline for when the separation could be completed.

The takeaway

This potential move by Madison Square Garden Sports highlights the increasing value and strategic importance of professional sports franchises, as the company looks to unlock value for shareholders by separating its two marquee teams into distinct publicly traded entities.