Madison Square Garden Sports Corp.

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.

Madison Square Garden Sports Corp. is exploring a potential spin-off to separate its New York Rangers business from its New York Knicks business, aiming to create two distinct publicly traded companies. The proposed spin-off, referred to as the Rangers Distribution, would involve a tax-free distribution where stockholders receive one share of MSGS Spinco, Inc. for every two shares of MSG Sports held. The company owns and operates the Knicks (NBA) and Rangers (NHL), along with development league teams, leveraging iconic brands and a strong presence in the New York metropolitan area. Its strategy focuses on developing championship-caliber teams, maximizing media rights, and enhancing fan experience through partnerships with MSG Entertainment.

Madison Square Garden Sports Corp. reported strong financial results for its fiscal fourth quarter and full-year ended June 30, 2026. Full-year revenues rose 11% to $1,153.8 million, with operating income increasing 95% to $28.9 million. The fourth quarter saw a significant turnaround, with revenues up 37% to $278.7 million and a shift from an operating loss to a $32.2 million operating income. The company also highlighted the New York Knicks' NBA Championship win and progress on the proposed spin-off of its Rangers business, anticipated by the end of October 2026.

Madison Square Garden Sports Corp. is exploring a potential tax-free spin-off of its New York Rangers business from its New York Knicks business, aiming to create two distinct publicly traded companies. For the third quarter ended March 31, 2026, the company reported a net loss of $19.98 million, an increase from the $14.23 million loss in the prior year's quarter, despite a slight revenue increase to $432.2 million. Operating income significantly declined, and the company also incurred restructuring charges.

Madison Square Garden Sports Corp. reported fiscal third quarter 2026 financial results, with revenues increasing 2% to $432.2 million. However, operating income significantly decreased by 94% to $2.0 million, and adjusted operating income fell 72% to $10.3 million, primarily due to higher direct operating expenses. The company also announced it is exploring a potential spin-off to separate its New York Knicks and New York Rangers businesses into distinct public companies to create long-term shareholder value.

Madison Square Garden Sports Corp. announced the appointment of Paul DiCicco as its new Executive Vice President, Chief Financial Officer, and Treasurer, effective May 11, 2026. Mr. DiCicco brings extensive experience from his previous roles as CFO for Stephen Gould Corporation and various senior finance positions at Harris Blitzer Sports and Entertainment LLC. His employment agreement includes an annual base salary of at least $650,000, an annual target bonus of not less than 100% of his base salary, and long-term incentive awards with a target value of at least $650,000.