Madison Square Garden Sports Corp.

What does MSG Sports own?
Madison Square Garden Sports Corp. owns the New York Knicks (NBA), the New York Rangers (NHL), the Westchester Knicks (NBA G League), and the Hartford Wolf Pack (AHL). The company does not own Madison Square Garden arena, which is owned by the separately traded Madison Square Garden Entertainment Corp. (NYSE: MSGE). MSG Sports leases the arena from MSGE under a long-term agreement.

Is MSG Sports publicly traded?
Yes, Madison Square Garden Sports Corp. is listed on the New York Stock Exchange under the ticker symbol MSGS. The company has a dual-class share structure. Class A shares are publicly traded and carry one vote per share. Class B shares are held by the Dolan family and carry supermajority voting rights, giving the family control of the company.

Who owns MSG Sports?
The Dolan family controls MSG Sports through Class B shares with supermajority voting rights. James Dolan serves as Executive Chairman and Chief Executive Officer. The Dolan family acquired the sports franchises in 1997 through Cablevision Systems Corporation and has maintained control through multiple corporate restructurings, including the 2020 spin-off that created the current public company.

Does MSG Sports own the New York Liberty?
No. The New York Liberty (WNBA) was sold in January 2019 to an ownership group led by Joseph Tsai, who later became the majority owner of the Brooklyn Nets. The Liberty moved their home games from Madison Square Garden to Barclays Center in Brooklyn following the sale. MSG Sports no longer owns or operates the Liberty or has any relationship with Barclays Center.

What is MSG Sports' revenue?
MSG Sports reported FY2025 revenue of $1.039 billion (fiscal year ended June 30, 2025), a 1% increase from $1.027 billion in FY2024. Operating income was $14.8 million. For the first nine months of FY2026 (ended March 31, 2026), revenue was $875.1 million, up 5% from $835.3 million in the prior year period. The company reported a net loss of $20.5 million for the nine-month period.

What is the proposed Knicks and Rangers spin-off?
In February 2026, the MSG Sports board of directors unanimously approved a plan to explore a spin-off that would separate the Rangers business from the Knicks business, creating two distinct publicly traded companies. In May 2026, the company filed a confidential initial Form 10 Registration Statement with the SEC. If completed, the spin-off is expected to be structured as a tax-free distribution to shareholders. The transaction remains subject to league approval, receipt of a tax opinion, and final board approval.

Who is the CEO of MSG Sports?
James L. Dolan is the Executive Chairman and Chief Executive Officer of Madison Square Garden Sports Corp. He has held the CEO role since the company's inception. Dolan is a member of the Dolan family, which controls the company through Class B shares. He also serves as Executive Chairman and CEO of Madison Square Garden Entertainment Corp.

The Dolan family's involvement in professional sports began through Cablevision Systems Corporation, a Long Island-based cable television company founded by Charles Dolan. Cablevision acquired Madison Square Garden and its sports franchises from ITT Corporation and Gulf+Western in 1997 for $1.1 billion. The acquisition brought the Knicks, Rangers, and the arena itself under Cablevision's control.

In 1999, Cablevision spun off certain assets, and the sports franchises were organized under a corporate structure that would eventually become MSG Sports. The company initially operated as part of a broader entertainment conglomerate that included the arena, cable networks (MSG Network), and live entertainment businesses.

For nearly two decades, the sports franchises were bundled with entertainment and media assets under various corporate structures. The Knicks and Rangers were part of Madison Square Garden Company, which also operated the arena, MSG Networks, and live entertainment productions. This structure made it difficult for investors to value the sports franchises independently.

In April 2020, Madison Square Garden Company completed a spin-off that separated its sports franchises from its entertainment businesses. The sports company was renamed Madison Square Garden Sports Corp. and began trading independently on NYSE under the ticker MSGS. The entertainment company became Madison Square Garden Entertainment Corp. (NYSE: MSGE). The spin-off was structured as a tax-free distribution to shareholders.

The New York Liberty (WNBA) was part of the MSG portfolio but was sold in January 2019 to an ownership group led by Joseph Tsai, who later became the majority owner of the Brooklyn Nets. The Liberty moved their home games from Madison Square Garden to Barclays Center in Brooklyn following the sale. MSG Sports no longer owns or operates the Liberty or Barclays Center.

Under James Dolan's leadership, MSG Sports has focused on maximizing per-game revenue across all key categories. In Q3 FY2026, average per-game revenues for tickets, suites, sponsorship, and food, beverage and merchandise sales all increased compared to the prior year quarter. The Knicks advanced to the Eastern Conference Finals in the 2026 NBA playoffs, which generated additional playoff-related revenue.

In February 2026, the MSG Sports board of directors unanimously approved a plan to explore a spin-off that would separate the Rangers business from the Knicks business, creating two distinct publicly traded companies. The company filed a confidential initial Form 10 Registration Statement with the SEC in May 2026. If completed, the spin-off is expected to be structured as a tax-free distribution to shareholders, with record holders of Class A and Class B common stock receiving a pro-rata distribution of 100% of the common stock in the new Rangers company. The transaction remains subject to various conditions, including league approval, receipt of a tax opinion, and final board approval.

James Dolan has been a controversial figure in sports ownership. He has faced sustained criticism from Knicks fans for the team's poor on-court performance over much of the past two decades. Between 2013 and 2023, the Knicks made the playoffs only three times and won only one playoff series. Fan frustration has included organized protests, billboards calling for Dolan to sell the team, and public feuds with former players and media personalities.

In 2017, Dolan was involved in a public dispute with former Knicks player Charles Oakley, who was physically removed from Madison Square Garden during a game and arrested. The incident drew widespread media coverage and criticism of Dolan's management style. Oakley filed a civil lawsuit against Dolan and MSG, which was dismissed in 2023.

Dolan has also clashed with the NBA league office. In 2023, he was fined by the NBA for violating league rules related to the promotion of MSG Entertainment's Sphere venue in Las Vegas during an NBA event. He has been an outspoken critic of NBA revenue-sharing policies, arguing that the Knicks subsidize smaller-market teams.

The dual-class share structure has been a source of governance controversy. Institutional Shareholder Services (ISS) and other proxy advisory firms have repeatedly flagged MSG Sports for governance risks related to the Dolan family's voting control. Public shareholders have no practical ability to replace board members or change management.

The company's reported operating income is volatile and often low relative to revenue. FY2025 operating income of $14.8 million on $1.039 billion in revenue reflects the high cost of player salaries in the NBA and NHL. The company has reported net losses in multiple fiscal years, including a net loss of $20.5 million in the first nine months of FY2026. This financial profile is typical of major market sports franchises that carry high payrolls but is unusual for a public company of this size.