MSG Sports Will Spin Off Knicks and Rangers
The company will split its teams into two separate publicly traded entities starting late October.
Updated on Sept. 30, 2026 in Basketball
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MSG Sports board of directors approved a plan to separate the New York Knicks and New York Rangers into independent publicly traded companies by October 26, 2026. Management intends to generate long-term value for shareholders through this corporate restructuring.
Why it matters
The split creates two distinct firms: MSG Knickerbockers Corp for the basketball operations and MSG Rangers Corp for the hockey interests. This move follows a period of financial growth for the Knicks, driven in part by significant postseason revenue.
MSG Sports reported $1.153 billion in total annual revenue, with the Knicks generating $66.9 million in extra playoff income compared to the prior year. The Knicks operate under a 35-year lease agreement to play at Madison Square Garden signed in 2021.
The players
James Dolan
He serves as the executive chairman and CEO of both the outgoing MSG Sports and the two new corporations.
New York Knicks
This professional basketball team is transitioning to ownership under the new MSG Knickerbockers Corp.
New York Rangers
This professional hockey team will be managed under the newly formed MSG Rangers Corp.
The details
MSG Knickerbockers Corp will assume ownership of the Knicks and Westchester Knicks, while MSG Rangers Corp will hold the Rangers, the team's training facility, and the Hartford Wolf Pack. James Dolan will retain his role as executive chairman and CEO for both of the resulting companies.
Timeline
The Knicks signed a 35-year lease to play at MSG in 2021.
The Knicks won the NBA title in June 2026.
The transaction is expected to be completed on Oct. 26, 2026.
New stock symbols MSGK and MSGR become active on Oct. 27, 2026.
Season Trajectory
This split follows the precedent set by the 2020 spin-off of teams from Madison Square Garden arena, continuing the firm's ongoing corporate restructuring. The shift marks a new phase in the organization's business history following its recent NBA championship win.
The Knicks enter this transition following an NBA title win in June, while the Rangers are coming off two consecutive seasons missing the playoffs. These structural changes establish independent financial profiles for the franchises moving forward.
The takeaway
The separation of these iconic New York franchises into two public companies signals a focus on standalone fiscal management for each brand. Investors should monitor how the distinct stock symbols reflect the individual performance of the basketball and hockey operations.
What happens next
The transaction is scheduled for completion on Oct. 26, 2026, with the new companies trading under symbols MSGK and MSGR starting Oct. 27, 2026.
Further reading
For more on the local sports landscape, visit our Basketball section.
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