MSG Sports Considers Splitting Knicks and Rangers

On Wednesday, Jim Dolan’s Madison Square Garden Sports revealed that it is contemplating a separation of the New York Knicks and Rangers, potentially turning them into two distinct publicly traded companies.

The board of directors has approved the plan. Discussions are underway about possibly selling one of the teams or rolling the new entity into a private structure. There’s a lot of speculation about what this could mean for the franchises.

“We are exploring opportunities to create additional value for our shareholders by separating our two professional sports franchises into separate companies,” Dolan said in a statement.

Dolan expressed hope that this division would afford each team greater strategic flexibility and clearer business identities for investors.

According to an insider, the spinoff isn’t linked to any plans to sell a team or turn the company private.

If the split proceeds, the Knicks along with their G League affiliate, the Westchester Knicks, would form one entity. The Rangers, along with their minor league team, the Hartford Wolfpack, would constitute the other.

However, MSG Sports noted that terms could evolve, and there is no certainty that the separation will happen. So far, no decision timeline has been established.

The split would require the green light from the board as well as approvals from the NBA and NHL.

Dolan clarified that he doesn’t intend to sell either team outright, though he remains open to selling a minority stake.

This isn’t the first time Dolan has navigated franchise separations. Back in 2020, he divided the Madison Square Garden Company, distinguishing sports teams from entertainment ventures like the Las Vegas Sphere. Earlier this year, he further separated Sphere Entertainment from MSG Entertainment.