MSG Sports Files to Split Knicks and Rangers Businesses

Madison Square Garden Sports filed a registration statement with the SEC to split its Knicks and Rangers businesses into separate public companies. The filing occurred in mid-May and is expected to take effect in the fall. The Knicks reached the NBA Finals for the first time since 1999.

Forbes values the Knicks at $9.75 billion and the Rangers at $4 billion. MSG Sports trades at an enterprise value of $9.9 billion.

Dolan assumed control of the teams in 1999 after inheriting a controlling interest from his father, the late Charles Dolan. He has stated he does not plan to sell the teams outright. " MSG Sports president David Hopkinson said in a 2023 earnings call that the company would not rule out selling a minority stake in either team.

Dolan previously separated the Madison Square Garden Company from Cablevision in 2010 and split it again in 2020 into MSG Sports and MSG Entertainment. In 2023, he separated Sphere Entertainment from the remaining properties. Cablevision was sold to Altice in 2016 for $17.7 billion.

Dolan recently sold nearly $4 million in MSG Entertainment stock. The company is developing additional Sphere venues near Washington, D.C., and in Abu Dhabi.