MSG Sports board approves spin-off of Rangers business into separate public company
The board approved a tax-free distribution of New York Rangers shares to stockholders, creating MSG Rangers Corp. and renaming MSG Sports to MSG Knickerbockers Corp.
Key takeaways
- Madison Square Garden Sports Corp. (MSGS) announced that its board approved the spin-off of the New York Rangers into a separate public company, MSG Rangers Corp., with the distribution set for Oct. 26, 2026.
Madison Square Garden Sports Corp. (MSGS) announced in a regulatory filing on Wednesday that its board of directors approved the spin-off of its New York Rangers hockey business from its New York Knicks basketball business.
The transaction is expected to be completed on Oct. 26, 2026. Upon completion, Madison Square Garden Sports Corp. will be renamed MSG Knickerbockers Corp. and will trade on the New York Stock Exchange under the symbol MSGK. The newly created hockey company, named MSG Rangers Corp., will trade under the symbol MSGR.
The distribution will take place on Oct. 26, 2026, to stockholders of record as of the close of business on Oct. 20, 2026. Common stockholders will receive one share of MSG Rangers Class A or Class B common stock for every two shares of MSG Sports Class A or Class B common stock held as of the record date.
"With our board’s approval we are now one step closer to our goal of separating our Knicks and Rangers businesses into two distinct public companies," James L. Dolan, Executive Chairman and Chief Executive Officer, said in a statement. "Both teams have storied histories and large and passionate fan bases, and we believe each company will be well-positioned to generate long-term value for shareholders."
MSG Rangers Corp. will comprise the New York Rangers, the Hartford Wolf Pack, and the MSG Training Center in Greenburgh, New York. MSG Knickerbockers Corp. will retain the New York Knicks and the Westchester Knicks.
Beginning on Oct. 21, 2026, and continuing until the distribution date, Madison Square Garden Sports Corp. common stock will trade in two markets on the New York Stock Exchange: regular way under the symbol MSGS, and ex-distribution under the symbol MSGK WI. The new MSG Rangers Class A common stock is expected to begin trading on a when-issued basis under the symbol MSGR WI on Oct. 21, 2026.
The spin-off is intended to qualify as a tax-free distribution for U.S. federal income tax purposes. The completion of the transaction remains subject to conditions including the effectiveness of a Form 10 registration statement, final league approvals, and receipt of a tax opinion from counsel.