DivestmentOct 27, 2026, 04:26 PM
MSG Sports Completes Spin-off of MSG Rangers Corp.
AI Summary
Madison Square Garden Sports Corp. (now MSG Knickerbockers Corp.) announced the completion of its distribution of all outstanding shares of MSG Rangers Corp. (formerly MSGS Spinco, Inc.) to its stockholders. As a result, the company will no longer consolidate the financial results of the MSG Rangers business. The filing also includes amended employment agreements for key executives James L. Dolan, David Granville-Smith, and Paul DiCicco, detailing their base salaries and long-term award values. Unaudited pro forma financial information reflecting the distribution is also provided.
Key Highlights
- Madison Square Garden Sports Corp. completed the distribution of all shares of MSG Rangers Corp. to its stockholders.
- The company will no longer consolidate the financial results of the MSG Rangers business (Spinco Business).
- Pro forma net income for the fiscal year ended June 30, 2026, was $26.334 million.
- Pro forma net loss for the fiscal year ended June 30, 2025, was $31.124 million.
- Pro forma net income for the fiscal year ended June 30, 2024, was $17.702 million.
- James L. Dolan's employment agreement was amended and restated, with a base salary of not less than $1,016,000.
- David Granville-Smith's employment agreement was amended, with a base salary of not less than $508,000.
- Paul DiCicco's employment agreement was amended, with a base salary of not less than $412,750.
Price Impact
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