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MSG Sports Board Approves Spin-Off of Rangers Business From Knicks Business

MSGS
  • Madison Square Garden Sports Corp. board approved spinning off the New York Rangers from the New York Knicks, with completion expected on October 26, 2026.
  • Upon completion, MSG Sports will rename itself MSG Knickerbockers Corp. ("MSG Knicks") comprising the New York Knicks, Westchester Knicks, & MSG Training Center.
  • The new entity MSG Rangers Corp. ("MSG Rangers") will include the New York Rangers, Hartford Wolf Pack, & MSG Training Center.
  • James L. Dolan will serve as Executive Chairman & CEO for both the new MSG Rangers & MSG Knicks entities.
  • Stockholders of record as of October 20, 2026, will receive one share of MSG Rangers Class A or Class B common stock for every two shares of MSG Sports held.
  • MSG Sports common stock will trade in two markets starting October 21, 2026: "regular way" under "MSGS" & "ex-distribution" under "MSGK WI".
  • MSG Rangers Class A common stock will trade on a "when-issued" basis under "MSGR WI" starting October 21, 2026.
  • "Regular way" trading for the separated entities begins October 27, 2026, with MSG Knicks trading under "MSGK" & MSG Rangers under "MSGR".
  • The spin-off is intended to qualify as a tax-free distribution for U.S. federal income tax purposes.
  • Transaction completion is subject to Form 10 registration effectiveness, final league approval, & receipt of a tax opinion.
  • J.P. Morgan serves as financial advisor & Sullivan & Cromwell LLP serves as legal advisor.