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9h ago

MSG Completes Spinoff as Knicks and Rangers Begin Trading Separately

Exposing team-level finances, the split narrows a long-running market discount that could unlock single-team sales or outside investments.

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Jun 13, 2026; San Antonio, Texas, USA; New York Knicks owner James Dolan stands with his team next to the Larry O'Brien championship trophy during the championship trophy presentation after game five of the 2026 NBA Finals against the San Antonio Spurs at Frost Bank Center. Mandatory Credit: Geoff Burke-Imagn Images.
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Overview

  • The spinoff closed this week and on Tuesday investors began buying the teams under the new tickers MSGK for the Knicks and MSGR for the Rangers.
  • MSG Sports was renamed MSG Knickerbockers and MSG Rangers was formed to include each team’s minor-league affiliates and training center; the exchange ratio was one MSGR share for every two MSGS shares.
  • James Dolan remains chief executive of both companies and was reported to receive a one-time $10 million cash payout tied to the transaction.
  • Company filings released with the split show the Knicks generated about $812 million in revenue and $55 million in EBITDA for 2025–26 while the Rangers reported roughly $341 million in revenue and negative $22.5 million in EBITDA.
  • The company cited a looming 2027 tax change that caps player-pay deductions as a near-term driver of the timing, and analysts say separate listings make it easier to sell a single team or take on third-party minority investors, which would create new public valuation marks.