Mergers & Acquisitions ·
Madison Square Garden Sports approves spin-off of New York Rangers into separate public company
MSGSMSG Knickerbockers Corp.
Madison Square Garden Sports Corp. approved a spin-off of its New York Rangers hockey business into a separate public company, MSGS Spinco, Inc., to be renamed MSG Rangers Corp. The distribution will occur on October 26, 2026, with shareholders receiving one share of MSG Rangers stock for every two shares of MSG Sports held as of the October 20 record date. Concurrently, MSG Sports will rename itself MSG Knickerbockers Corp., retaining ownership of the New York Knicks and Westchester Knicks. The transaction requires SEC Form 10 effectiveness, NYSE listing approval, and final National Hockey League consent. Five directors resigned to join the new board, while Irving Azoff and Isiah L. Thomas III were appointed to MSG Knickerbockers' board. Jamaal T. Lesane was hired as Executive Vice President and Chief Legal Officer with a $1 million base salary. The company operates in the professional sports industry, owning and operating NBA and NHL franchises.