On Friday, the MSG Network announced a deal with lender JPMorgan, which will allow local sports channels to avoid bankruptcy.
Under the conditions of off-court debt restructuring, MSGN, carrying the Knicks, Rangers, Islanders, Devils, Sabres and Gotham FC, will cut JPMorgan loans from over $800 million to $210 million.
In exchange, Knicks owner James Dolan (who owns and controls MSGN by its Sphere Entertainment) has agreed to reduce the rights charges that MSGN pays to the Knicks and Rangers, and to increase the network’s ability to pay interest, sources said.
Sphere stocks recently rose 10% on the news at $29 on Friday. The company confirmed news exclusively reported by the Post on Thursday in its securities application before the market was made public.
Yes MSG – this airs the Yankees and Brooklyn net – currently a partner in the Gotham Sports app, accessing both networks for $41.99 per month. Customers can also pay MSG $29.99 a month or $24.99 a month on YES.
MSGN faces a deadline late Monday to avoid bankruptcy, and received an extension until Thursday as the network and banks enthusiastically tried to attack the truce.
After the JPMorgan restructuring, Dolan is likely to start selling MSGN marketing, sources said. This new light debt package and media rights reduction fees will make it easier for Dolan to find buyers.
According to the release, the cable network was losing money as they paid $187 million in 2025 to broadcast the Knicks and Rangers games, as part of a 20-year agreement in 2025.
In the open market, cable networks will pay significantly less for these rights due to cord cutting, sources said.
Currently, Knicks fees are down 28%, media deals will only run until the end of the 2028-29 season, with Rangers fees down 18%, ending after 2028-29, according to a release on Friday.
Separately swapped Madison Square Garden Sports, which owns the Knicks and Rangers, will win a 19.9% stake in the MSG network in return.
MSGN had defaulted since October, but it was not bankrupt.
JPMorgan was in a difficult place as it could end the MSGN media rights agreement with the Knicks and Rangers if they put the MSGN network into bankruptcy, and if a third party negotiated those rights, the MSGN without them had little value.
